Search - consideration

They also say, in the alternative, that they provided consideration for the dividends that was at least equal to the amount of the dividends they received from IPG. [5]   The appeals were heard on common evidence. ... University Construction Ltd., (1976) 12 O.R. (2d) 19 (C.A.), at p. 24. [57]   However, it appears that there has been an evolution in the doctrine of consideration in the context of contract modifications. ... Consideration for the dividends [67]   The jurisprudence is conclusive that contributions made to a company by its shareholders do not constitute consideration for the payment of dividends by the company to those shareholders. ...

The Admitted Facts show that, in total, 35 individuals purchased interests in the Zowtra Mortgage through their self-directed RRSPs for a consideration of $1,799,800. In addition, 34 individuals purchased interests in a second mortgage on the Zowtra Land through their self-directed RRSPs for a consideration of $2,400,100, and 50 individuals purchased interests in a third mortgage on the Zowtra Land through their self-directed RRSPs for a consideration of $2,795,000. [11] [23]   In summary, 119 individuals paid, through their self-directed RRSPs, a total consideration of $6,994,900 (the “RRSP funds”) for interests in the three mortgages on the Zowtra Land. [24]   I have concluded that Mr. ... Paragraph 146(9)(b) applies when the RRSP trust acquires property for a consideration greater than the fair market value of the property at the time of the acquisition. ...

The fair market value of the consideration received was $1,175,000. [23] Conclusion — The Sunnybrook property With respect to the Sunnybrook transaction the Respondent contends that the payment of the $374,500 was part of the proceeds (cash consideration received by the Holbrook Manor (as trustee for the Joint Venture) on the transfer of its interest in the Sunnybrook property to the Sunnybrook LP) and therefore, is subject to tax. ... He submitted that: The case law only requires a withdrawal of capital to form part of the consideration paid in respect of a rollover in very limited circumstances. ... The only logical conclusion is that this amount was paid in consideration for the transfer of the 90 Eglinton property. ...

Each of Sciex and P-E shall receive a 50 per cent equity interest in the partnership in consideration of their initial contributions. 4.5 Sustaining Contributions. ... However, to the extent the taxpayer receives consideration in excess of the elected amount the rollover is not available. ... Subsection 97(2) and paragraph 85(1)(b) of the Act apply to prevent the deferral of income to the extent consideration had been received. ...

That does not represent a consideration as that term is to be understood for the purposes of section 160 of the Act. [18]          As to the question whether the transfer of property made in the circumstances constitutes a valid gift, I do not believe it is relevant. ... Caron effectively and legally relinquished ownership of the amounts of money by depositing them in the appellant's bank account without receiving any consideration. In my view, that was a transfer for no consideration contemplated by section 160 of the Act, as interpreted by the courts. ...

(b)         Can a corporate dividend be paid in exchange for consideration?... ... I accept it for the position that consideration can be given for dividends.... 41         I find that consideration can be given in exchange for dividends. ... In so stating, I assume, of course, that proper consideration was given for the shares when issued. ...

However, it is not as clear that a dividend constitutes property transferred for no consideration from the transferee. ... The consideration given to acquire the shares must not be confused with the consideration for dividends. The consideration given to acquire shares is considered for the acquisition and disposition of shares. ...

He argued that part of this consideration took the form of the Appellant allowing Dr. ... According to Yates, paying household expenses is not consideration for the purposes of section 160 of the ITA. ... This, she said, formed part of the consideration she gave for the funds which were deposited into her savings account. ...

No evidence was tendered as to the actual consideration for this assignment. ... No evidence was given as to the actual consideration for this assignment. ... Harris, seems particularly appropriate to the circumstances pertaining to the case presently presented for consideration. ...

However, did appellant receive it as provided for by clause 25(iii), in consideration or partial consideration for a covenant with reference to what he was to do or not do after the employment terminated? ... It then appears, in my opinion, that the amount paid by Villa Medica Inc cannot be reasonably regarded as having been received in consideration or partial consideration for appellant’s undertaking not to work in a private hospital and not to criticize his former employer. ... In other words, appellant in fact undertook not to criticize his former employer and not to work for another private hospital in Quebec, but in my opinion the evidence established that the sum of $30,000 promised by Villa Medica Inc did not constitute the consideration for this under- taking. ...