Search - consideration

The question that remains is whether the fair market value of the house and cottage exceeded the consideration given by the appellant by at least the amount of $8,954.56 set out in the assessments under appeal, as contemplated in section 160 of the Act. ... Even assuming that the appellant did pay $5,000 towards the house and $10,000 towards the cottage, I am satisfied that, taking into consideration all of the circumstances of this appeal, including the testimony of the witnesses, the admissions and the documentary evidence, in the light of the applicable law and jurisprudence, the appellant has not succeeded in discharging her onus of establishing on a balance of probabilities that the Minister’s assessments were ill-founded in fact and in law. The appellant is liable for the amount of $8,954.56 pursuant to section 160 of the Income Tax Act, having failed to establish that the fair market value of the properties did not exceed the consideration given by her by at least the amount of $8,954.56. ...

The consideration for the latter agreements was to be an additional cash payment of $50,000 and a balance of $100,000 payable at $10,000 a year for 10 years. ... In the proposal accepted, the entire consideration for the shares, etc, was to be paid in cash rather than only one-third in cash and the rest on terms; and the consideration for the restrictive covenants was to be paid in ten equal instalments of $15,000 each with interest at 6% per annum rather than one-third in cash with the balance spread over ten years in equal annual instalments of $10,000 each, suggested in the earlier proposal. ... The appeal is therefore dismissed with costs. 1 *l have not overlooked the respondent’s contention that the onus is on the taxpayer to establish that the amounts received cannot reasonably be re garded as having been received in consideration or partial Consideration for the covenants not to compete. ...

The payment was made for personal service only and that conclusion really disposed of the matter as it was impossible to divide the consideration. ... The essence of the matter was the acquisition of services and the consideration was paid so that those services would be made available. ... The House of Lords held that so much of the payment as represented consideration for a reduction in salary was income and subject to tax, but that the consideration received by the taxpayer for commutation of his pension rights was not income. ...

The Court is far from rejecting hardship as a consideration relevant to H&C based applications. ... The more hardship there is the less other considerations must be present. Conversely the absence of hardship will require that the other considerations be much more acute. ...

Indeed, the consideration given and received for the disposition of depreciable property may, but need not, necessarily coincide with ‘‘fair market value”. In some cases the consideration may be less or more than fair market value according to the surrounding circumstances and the differing reasons which may have activated the buyer or the seller but in all cases, under Section 20(6) (g) of the Act, the consideration must be reasonable. ... This is my opinion is far below a reasonable consideration for these units. ...

On June 10, 1953 the Geneva board of directors allotted 39,997 common shares in its capital stock to William Mitchell for a consideration of five cents per share, an aggregate consideration of $1,999.85. ... Shankland estimates the consideration received by Geneva was equivalent to $3,000 per acre. 3. ... The reassessment will be remitted to the Minister for further consideration. ...

The Appellant rather contends that the Points were not the supply for which consideration was paid. ... The entire consideration I have been addressing is clearly consideration paid for the Points. ... The supplier must however remit both the tax payable on the portion of the consideration paid by the consumer and the tax payable on the portion of the consideration paid by the third party. ...

The essence of the position taken by the Appellants at the hearing was that they gave consideration to their father for the transfer of the money. ... Subparagraph 160(1)(e)(i) limits the liability of the transferee to the excess of the fair market value of the property transferred over the consideration given for that property. The evidence given by the Appellants makes it quite clear that the payments which they made were not “… consideration given for the property …” within the meaning of the subparagraph. ...

There is no case law that suggests – first of all, we are dealing with consideration, and what we are asking the Court to do is somehow make that consideration at the time of the transfer, even though it occurred after the transfer. So, some sort of document or charge that actually occurred after the transfer can't become part of the consideration and it can't become part of the consideration because it was afterwards, but, more importantly, I'm not exactly sure what that would establish in any event. ... This was just another attempt to mortgage the property jointly, and it doesn't affect the value of the consideration given that frankly it's completely irrelevant. ...

Upon further consideration, EPA concluded that it would be practical only if the appellant moved to Toronto in connection with the commencement of his employment by EPA. ... In my view, paragraphs 6(1)(d) an (e) have no application because the amount of $22,500 was not received as any kind of remuneration for services or consideration for a covenant. ... In the precise words of the letter, the amount was consideration only for "the higher housing prices in Toronto as compared to Edmonton”. ...