Search - consideration

Then, if so, what criteria should dictate the apportionment between what is received by way of consideration and what is to be viewed as a gift? ... Zandstra, [1974] C.T.C. 503; 74 D.T.C. 6416, wherein the Court quoting from Black’s Law Dictionary (revised 4th edition) found that "gift" is defined as: a voluntary transfer of personal property without consideration and a parting by owner with property without perceiving consideration... and also referred to the Shorter Oxford Dictionary defining "giving" as:... a transfer of property in a thing, voluntary and without any valuable consideration... ... If a transfer of property is in return for valuable consideration received by the transferor from the transferee, it will not be a gift by the transferor. ...

The nature and character of the transfers were absolute vesting control in the appellant and without contractual consideration. ... The Appellant’s counsel put a good deal of emphasis on the argument that consideration was given for the transfer. But what was that consideration? Can it be said that the paying of household expenses is consideration for the transfers? ...

Was this consideration? If so, did the parties agree on the value of that assumption? ... The Respondent argues the consideration has simply been separated into two parts. ... Is the vendor receiving:   a)                  cash consideration for a dented car; or   b)                 greater consideration in the form of cash plus an assumption of the estimated cost of repairs?   ...

This section shows the GST being calculated at 6% of the calculated consideration. ... When a person sells property and services on a tax-included basis, the consideration for the supply is calculated by multiplying the tax-included consideration by the so-called consideration fraction. ... The consideration for the supply pursuant to the agreement of purchase and sale and the additional consideration is $213,104.34. ...

Act which states that: a share with par value shall not be issued except for a consideration at least equal to the par value thereof. ... Modern Canadian company law statutes usually permit the issuance of shares for a consideration payable in property. ... C.A.), where Lord Greene, M.R., delivering the judgment for the Court, said at page 638: Accordingly, when fully-paid shares are properly issued for a consideration other than cash, the consideration moving from the company must be at the least equal in value to the par value of the shares and must be based on an honest estimate by the directors of the value of the assets acquired. ...

The relevant provisions [31] Sections 23 and 123 of the Act read as follows:... 23.(1) [definition as added by S.C. 1990, c. 45, subs. 12(1)] "recipient", in respect of a supply, means the person who pays or agrees to pay consideration for the supply or, if no consideration is or is to be paid for the supply, the person to whom the supply is made; 123.(1) [definition as amended by S.C. 1993, c. 27, subs. 10(1), deemed to be in force on December 17, 1990] "recipient" of a supply of property or a service means (a) where consideration for the supply is payable under an agreement for the supply, the person who is liable under the agreement to pay that consideration, (b) where paragraph (a) does not apply and consideration is payable for the supply, the person who is liable to pay that consideration [italics added]... and any reference to a person to whom a supply is made shall be read as a reference to the recipient of the supply. ... Often it is the case that an agent pays consideration on behalf of a purchaser who is liable to pay. ... The documentary evidence has amply established that the appellant was legally obligated to pay the consideration for the supplies. ...

We must first determine the fair market value of the consideration paid by ZT22 for the two condos ...   [34]         The definition of “consideration” in subsection 123(1) of the ETA is more specific. ... The term “ consideration ” in paragraph 325(1)(a) of the ETA is qualified by the terms “ fair value ”. ...

(g) of the Income Tax Act, as the consideration for the class 16 assets disposed of in the transaction. ... It is to be observed as well that the statutory rule applies only ‘where an amount can reasonably be regarded as being in part consideration for disposition of depreciable property of a taxpayer of a prescribed class and as being in part consideration for something else’’. ... In its income tax return for the year 1958 Klondike Helicopters Limited allotted an amount of $7,950 as the consideration for these other depreciable and expendable assets and computed its income on the basis of $42,050 having been the consideration for disposition of the class 16 assets. ...

The Court of Appeal held, however, that the amount of $20,000 was payable for a specific and clearly identified consideration. ... Viewed in this light and taking into consideration that this sum of $20,000 is to be paid in five annual instalments of $4,000, I am of the opinion that this item was properly awarded. ... In such a case the alimony or allowance cannot be a total fixed amount payable by instalments up to the amount of $20,000 over a period of five years as in the case at bar, as the consideration for alimony or an allowance is the need of the creditor, whereas here the consideration is the waiver of benefits resulting from the marriage contract. ...

There was an agreement with the city for the use of the large room in consideration of payment of the extra costs. ... "consideration" includes any amount that is payable for a supply by operation of law.            ... [54]     In the explanatory notes, this provision is explained as follows: The definition "consideration" is being added so as to remove any doubt that such amounts that clearly would be consideration for a supply if there were a contract, are treated as consideration for purposes of Part IX and Schedules V, VI and VII to the Act. ... The amount so required to be paid would be treated as consideration. In all cases, in order to be consideration, the amount must be payable "for a supply". ...