Search - consideration

The maximum consideration for which the common shares could be issued was fixed at $15,000 subject to variations in the manner prescribed in the letters patent. ... Of the 100,000 authorized preference shares of the par value of $1 each, 30, 000 were issued, 10,000 to each one of the Hollingsworth brothers in consideration of the $30,000 which they had advanced to the appellant. ... In consideration of the aforesaid transfer of shares the Manager hereby covenants and agrees that the 30,000 5% non-cumula- tive redeemable preference shares of the par value of $1.00 each in the capital stock of the company now held by the owners shall be redeemed in full before any dividends are ever paid on the common shares without nominal or par value now held by the Owners and the Manager and before any increase in the present salary of SIX HUNDRED DOLLARS ($600.00) per month now being paid to the Manager other than the ten per cent bonus now paid to the Manager when the net profit before taxes exceeds $25,000.00. ...

The contactor or service provider is free to choose the means of performing the contract. [23] In Quebec civil law, the intention of the parties to a contract is a significant factor that must be taken into consideration in interpreting a contract. ... Decision and discussion [25] Upon reviewing all the evidence and considering applicable law on this matter, I conclude that, according to the balance of probabilities, the worker was associated with the appellant through a contract of employment and that, consequently, he had insurable employment within the meaning of subsection 5(1) of the Act. [26] The following factors were taken into consideration in my decision. ... Control and subordination [31] This is the most important factor to be taken into consideration. ...

The assignment of receivables from a financially sound company to which receivables the borrowers gave up their rights and which were indeed transferred to the lender as legal consideration for the loans, is not only legal and in accordance with accepted accounting practices but can, in my opinion, be considered as a repayment of the loans within the meaning of section 8 of the Act. 22 The fact that the companies involved are interrelated and are controlled by Oswald New does not make them any less distinct legal entities, and since counsel for the respondent himself admitted that there was no evidence of sham or fraud in the transaction, there is no call to look behind the corporate veil and, in my opinion, the transaction should be accepted on its face value. ... The fact is that Coastal Towing did accept, in consideration for and in repayment of the loans, the legal right to the amount assigned to it. ... Each step of the transaction is based on legal consideration being given for value received. ...

He referred to section 42 of the Act which reads as follows: In computing a taxpayer's proceeds of disposition of any property for the purposes of this subdivision, there shall be included any amount received or receivable by the taxpayer as consideration for any warranty, covenant or other conditional or contingent obligation given or incurred by the taxpayer in respect of the disposition, and in computing the taxpayer's income for the taxation year in which the property was disposed of and for each subsequent taxation year, any outlay or expense made or incurred by the taxpayer in any such year pursuant to or by virtue of the obligation shall be deemed to be a loss of the taxpayer for that taxation year from the disposition of a capital property. ... It seems intended to apply to situations where a vendor receives consideration from the purchaser for warranties or like undertakings. That section requires the inclusion of “any amount received... as consideration for any warranty...”. ...

The term “pensions” referred to in Article VIA of this Convention means periodic payments made in consideration for service rendered or by way of compensation for injuries received. ... Instead of the right to life-time payments, the plaintiff agreed to accept “periodic payments in consideration for services rendered” of a lesser total amount, and of course over a lesser period of time, than he might have been entitled to insist upon. ... In that regard, one of the definitions of “pensions” in The Shorter Oxford English Dictionary (3rd ed rev) is, I consider, applicable to the facts in this case and to Article VIA: “An annuity or other periodical payment made, esp by a government, a company, or an employer of labour, in consideration of past services or of the relinquishment of rights, claims or emoluments.” 23 The appeal is therefore allowed. ...

The Minister found that, in deciding whether it could accept a late-filed election, it could not rely on considerations such as whether the Applicant made an honest mistake or engaged in retroactive tax planning. [5] I find the Minister’s interpretation of its jurisdiction to be reasonable based on the submissions it received. ... Moreover, the CRA found that the circumstances set out by Banff Caribou, namely that it had made an honest mistake and had not engaged in retroactive tax planning, were not the type of considerations assessed when deciding whether to accept a late-filed election. ... The CRA found that these are not the sorts of considerations it could take into account when deciding whether to accept a late-filed election. [30] Banff Caribou argued before me that the CRA failed to consider whether Banff Caribou had rebutted the presumption that the circumstances where late-filed elections could be made had to be expressly provided for in the ITA and the Regulations. ...

In the re-assessments now under consideration, the Minister wholly disallowed the deductions claimed on the ground that the respondent did not have a permanent establishment in the province of Quebec in any of the taxation years in question. ... In my opinion, the respondent did not have a branch, office, agency or other fixed place of business (excluding for the moment consideration of the word ‘‘warehouse’’) in the province for any of the years in question. ... The same considerations, which shew that the office is not their office, go to shew that they do not carry on business in London. ...

The consideration to be paid for this grant, as set out in the sublease, consisted of (a) a payment of $100,000 per year, (b) the sublessee’s share of the duties payable under the Quebec Mining Act, and “(c) An overriding royalty on all iron ore and specialties shipped by the Sublessee under this Sublease from any mines upon the described lands (except iron ore and specialties shipped for the account of the Sublessor) and sold and delivered each year by the Sublessee, of seven per cent of the then competitive market price f.o.b. vessels at Seven Islands, Quebec (determined as provided in Section 2 of the Mutual Covenants of this Sublease) for each grade and kind of such iron ore and specialties, which the Sublessee binds itself to pay to the Sublessor during the term hereof; provided however, that, in the event seven per cent of such competitive market price for any grade or kind of such iron ore or specialties shall be less than twenty-five cents a ton, then the overriding royalty on such iron ore and specialties shall be twenty-five cents a ton.” ... In December, 1949, Iron Ore Company of Canada had entered into a contract with Hollinger-Hanna Limited by which the latter for consideration undertook to provide management services and supervision of the operations and properties of Iron Ore Company of Canada and in June, 1954, the appellant made a similar contract with Hollinger-Hanna Limited for the management by it of the appellant’s iron ore operations and properties. In March, 1955, the appellant made a further contract with Iron Ore Company of Canada whereby the latter undertook for certain consideration to mine for the appellant iron ore from the appellant’s remaining portion or proportion of the iron ore on the tract of land. ...

“The conclusive consideration however is that this is a penal section. ... There were five grounds of appeal, only one of which we considered merited further consideration. ... There are, however, other considerations which are equally important. ...

It is unnecessary to consider all the implications of that decision, but, so far as the point under consideration is concerned, I agree so unreservedly with the reasoning of Luxmoore, J., where he is dealing with comparable provisions of the Imperial Finance Act, 1894, that I transcribe the relevant paragraph which appears at pp. 807-8 of the report: ‘It is argued that the power in the present case is a limited power and does not authorize the donee to appoint or dispose of the property subject to it as he thinks fit. ... At page 116, he also said: ‘* Aussi bien et en tout respect pour les tenants de l’opinion contraire, je suis d’avis que si l’on écarte de la considération l’existence du DEED oF DECLARATION and ACCEPTANCE,—comme l’ont fait les intimés pour les fins de ces articles de la loi fédérale, il y a eu, au décès de Madame Smith, une succession venant d’elle en ce qui concerne les biens qui lui furent légués par son époux.’’ ... Whilst the considerations mentioned may go so far as to suggest that the testator thought it unlikely that his widow would, by the time of her death, have disposed of the whole of the residue of his estate, I do not think they indicate that he intended that she should not have power to do so, and even if they tend to suggest that conclusion, in my opinion, they cannot prevail over the express wording of the seventh clause of the will. ...