Search - consideration

Thomson, Rogers were paid $15,000 forthwith by Topaz in consideration of their services in procuring the purchase by the owner of the film. ... Additional consideration may be contingent on maintaining or achieving specified earimgs levels in future periods. When the contingency is resolved and additional consideration is distributable, the acquiring corporation should record the current fair value of the consideration issued or issuable as additional cost of the acquired company. ...

It would seem that the combined effect of these two provisions is that if Maritime Life receives anything that might be construed as consideration for acting as trustee of the deemed trust, GST would be payable on that consideration. ... There is no contractual or other arrangement that could possibly be construed as an arrangement by which Maritime Life is receiving consideration for acting as a trustee. Nor is there any provision of the Excise Tax Act that deems Maritime Life to have received consideration from its segregated funds that would fit within subsection 267.1(5). ...

The column headed “Revised Hypothetical Tax Payable by Trust” (i.e., the right-hand column) shows the revised amounts, after taking into consideration the losses and other deductions that were available to the Trust. ... While that may well be the case, I am not persuaded that the corporate law and income tax considerations applicable to the declaration, payment and receipt of a dividend are as assumed by Mr. ... I have given careful consideration to the appellant’s counsel’s submissions with regard to the meaning of “fair market value” as it is contained in section 160. ...

Nor is there any doubt that the consideration ($410,000) covered certain depreciable property and other undepreciable assets. ... Rather the first problem to be decided is whether the amount can be regarded as being in part the consideration for depreciable property and as being in part consideration for something else. ... If the first problem is answered in the affirmative the next problem that arises for determination is what amount of the total can reasonably be regarded as consideration for the depreciable property and what amount of the total can be reasonably regarded as consideration for something else. ...

In 1927, at the request of the Dutch company, the V.D.B. company agreed to terminate the agreement in consideration of the payment to it of £450,000 as ‘‘damages’’. ... The amount they stipulated for as the consideration for their agreement was substantial. ... Any monies received by the appellant, or which he would be entitled to receive, on account of his share of the $550,000 consideration would be a receipt of capital. ...

And it is also well established that the consideration for such sale was the annual payment of $ by Smart. If it was not paid as consideration for the sale, why else was it paid? ... No fixed sum was agreed upon as a consideration, but it is clear that the consideration for allowing the judgment to go was Smart’s agreement to make the annual payment of profits to F. ...

(g) where an amount can reasonably be regarded as being in part the consideration for disposition of depreciable property of a taxpayer of a prescribed class and as being in part consideration for something else. the part of the amount that can reasonably be regarded as being the consideration for such disposition shall be deemed to be the proceeds of disposition of depreciable property of that class irrespective of the form or legal effect of the contract or agreement: and the person to whom the depreciable property was disposed of shall be deemed to have acquired the property at a capital cost to him equal to the same part of that amount; The facts which gave rise to these proceedings can now be briefly Stated. ... From 1964 the respondent also had to determine what were the proceeds of disposition of the two apartment buildings that he had sold in 1964 with the land on which they were erected for a consideration of $70,500. ... In the Trial Division, the appellant had advanced two contentions: (a) that the respondent was estopped, by reasons of the representation he had made to the Minister in 1964 when he had agreed to withdraw his notice of objection, from alleging and establishing that the whole of the price of $70,500 was to be regarded as the consideration for the disposition of the land, and (b) that the circumstances surrounding the sale indicated that the sale price of $70,500 could reasonably be regarded as being in part the consideration for disposition of the two apartment buildings and that the amount of $44,625.33 was the amount that could reasonably be regarded as being the consideration for the disposition of those buildings. ...

Also, on September 16, 1994 Brian Herner, who was still a consultant, subscribed for 10,989 common shares for consideration of $10,000 and Venture subscribed for 16,484 common shares for consideration of $30,000. ... Any other person subscribing for shares at the time paid some consideration. Professor Ward did not, unless the forgiveness of the debt was the consideration. ...

Firstly, they assert that consideration was given for the dividends. This argument starts with the well known principle that when a corporation declares a dividend to be payable on a certain date to its shareholders, a debt becomes payable on that date to each shareholder in the amount of the dividend. [2] The Appellants' theory is that the shareholder pays consideration for the dividend equal in value to that dividend by giving up the right to receive which was vested in him as a consequence of the declaration. ... The word "consideration" in subparagraph 160(1)(e)(i) is to be given its ordinary meaning, namely, something given in payment. ... The right of a shareholder to receive payment of a dividend which has been declared flows from his status as shareholder and not from any consideration given by him. [3] Nothing in the decision of the Supreme Court of Canada in Newman v. ...

Bajan said that the company would have been entitled to input tax credits for the GST component of the amounts it paid out of the settlement to its subcontractors because those amounts were consideration for taxable supplies and included GST. ... That section 231 reads as follows: 231 (1)  If a supplier has made a taxable supply (other than a zero-rated supply) for consideration to a recipient with whom the supplier was dealing at arm’s length, it is established that all or a part of the total of the consideration and tax payable in respect of the supply has become a bad debt and the supplier at any time writes off the bad debt in the supplier’s books of account, the reporting entity for the supply may, in determining the reporting entity’s net tax for the reporting period that includes that time or for a subsequent reporting period, deduct the amount determined by the formula A × B/C where A is the tax in respect of the supply; B is the total of the consideration, tax and applicable provincial tax remaining unpaid in respect of the supply that was written off at that time as a bad debt; and C is the total of the consideration, tax and applicable provincial tax in respect of the supply. 231(1.1)           A reporting entity is not entitled to deduct an amount under subsection (1) in respect of a supply unless (a)        the tax collectible in respect of the supply is included in determining the amount of net tax reported in the reporting entity’s return under this Division for the reporting period in which the tax became collectible; and (b)        all net tax remittable, if any, as reported in that return is remitted. 231(2) … 231(3) If all or part of a bad debt in respect of which a person has made a deduction under this section is recovered at any time, the person shall, in determining the person’s net tax for the reporting period that includes that time, add the amount determined by the formula A × B/C where A is the amount of the bad debt recovered at that time; B is the tax in respect of the supply to which the bad debt relates; and C is the total of the consideration, tax and applicable provincial tax in respect of the supply. 231(4) A person may not claim a deduction under this section in respect of a bad debt relating to a supply unless the deduction is claimed in a return under this Division filed within four years after the day on or before which a return of the person was required to be filed for the reporting period in which the supplier has written off the bad debt in its books of account. Subsection 231(1) sets out as conditions for the deduction is that (i) all or part of the consideration and tax payable in respect of a supply that has become a bad debt; and (ii) that the debt must be written off in the supplier’s books of account. ...