Search - consideration

In particular, clause 11 of the relevant portion of these resolutions (the “Value of Consideration for Share Issuance Resolution”) reads as follows:...it is hereby determined that the aggregate consideration for the issue from time to time of each common share of the Company issueable upon the conversion, redemption or maturity of the Debentures or other common shares that may be issued pursuant to the terms of the Indenture (the “Underlying Common Shares”) shall be described in and on the terms provided for under the Indenture (the “Consideration”) and that the fair value of the Consideration is not less than the amount of money that the Company would have received if the Underlying Common Shares had been issued for money. ... Indeed, the Value of Consideration for Share Issuance Resolution provides that the consideration for the issuance of Common Shares on Conversions was the consideration that each Holder gave to the Taxpayer as stipulated in the Indenture. [101]        Under my interpretation of the conversion provisions of the Indenture, each Holder gave up such Holder’s right to receive US$1,000 per Convertible Debenture, in cash, at Maturity, along with all of such Holder’s other rights under the Indenture, when the indebtedness of the Taxpayer to such Holder was repaid upon each Conversion. Thus, the relinquishment of such rights constituted the consideration given by each Holder to the Taxpayer for the issuance of 71 Common Shares per Convertible Debenture plus the US$ cash payment in lieu of a fractional Common Share. [102]        The Value of Consideration for Share Issuance Resolution then goes on to address paragraph 23(4)(b) of the OBCA and contains the Directors’ determination that the fair value of the consideration receivable by the Taxpayer for the issuance of 71 Common Shares per Convertible Debenture “is not less than the amount of money” that the Taxpayer would have received if it had issued such shares for money, rather than the rights relinquished by each Holder on the Conversions. ...

Further, if the agreement with the purchaser involved a single consideration for a strata lot lease, no allocation is appropriate. ... The deemed payment would be based on the total consideration, not on a percentage. The actual rebate credited at closing was only based on consideration of 76% of the total purchase price. ...

The transaction agreement was signed on June 11, 1985, and stated the object of the transaction, the date of possession, the consideration and various standard conditions. ... -The property assigned or transferred must have a value greater than the consideration obtained at the time of the transfer. ... The respondent argued that the value of the right was considerably greater than the consideration. ...

This occurs when the government provides the vaccine to the Appellant for no consideration. ... This consideration was dependent on the vaccines supplied to the clients. ... It was only when the Appellant purchased the vaccine for consideration that it charged a consideration to the client for the vaccine.   ...

The Appellant was assessed GST collectible on these fees on the basis that they were consideration for a taxable administrative service (processing and debt collection). 16.            ... It is submitted that the activities of the Appellant in issue were supplied together with the Appellant's taxable supplies for a single consideration, as demonstrated by the Appellants documents at Exhibit A-1 Tab 7, pp. 5, 12 and 13. ... That was simply one of a number of services it provided to them as part of the program, the consideration for which was the program fees referred to in paragraph 12 (ff) of the Replies. ...

The question for consideration, therefore, is the proper method to be used by the appellant in computing its income tax return. ... These considerations are equally applicable to the expenses made or incurred by the appellant for the purpose of gaining or producing income from the business during the year (Section 12(1) (a)). ... But in my view, different considerations apply to the 1952 taxation year when Section 85B(l)(b) was not in effect. ...

The issue is whether the donee has provided any consideration to the donor for the transfer of the shares. For the reasons outlined above, the appellant provided no consideration in that regard. ... Motive underlying a donor's conduct is not the same thing as consideration flowing from the donee. ...

Since she was not compensated by Danny MacAdam for her efforts, the unjust enrichment (and the Appellant’s interest in the Property) would arise when she worked on the Property for no consideration. ...   [24]     Both sections 160 of the Income Tax Act and 325 of the Excise Tax Act are intended to prevent taxpayers from escaping their liability for taxes by transferring their assets to persons with whom they do not deal at arm’s length for inadequate consideration. Each section imposes a liability on a transferee who receives property from a non-arm’s length tax debtor for inadequate consideration. ...

Unless otherwise indicated, all statutory references in these reasons are to the corresponding provisions of the ITA and the ITR for the taxation years under consideration.   ...   [14]            The taxpayer was a life insurance corporation at all times during the taxation years that are under consideration in this appeal. ... In the circumstances under consideration, the taxpayer was obligated to make both types of benefit payments under the UltraFlex policies ...

The consideration of the Applicant’s history of late filing for his payroll, GST/HST and income tax accounts is a relevant consideration. ... Consideration would not generally be given to cancelling penalties based on an inability to pay or financial hardship unless an extraordinary circumstance has prevented compliance. ... Consideration would not generally be given to cancelling a penalty based on an inability to pay or financial hardship unless an extraordinary circumstance, as described in 25 has prevented compliance. ...