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Since the adjusted cost base of the common shares of Tri-Holdings was only a nominal amount, the elected amount on this transfer was also a nominal amount. 626 NB issued four common shares to Rodney Gillis as consideration for his transfer to it of the common shares of Tri-Holdings. [9]   Tri-Holdings sold the land and building to an arm’s length purchaser for $5,829,000. ... One of the matters addressed in the rectification applications related to the failure of 626 NB to issue shares to Rodney Gillis as consideration for the shares of Tri-Holdings that he transferred to 626 NB. ...

This will provide the necessary foundation for the analysis of the main arguments of the Applicant. [8]   Unlike the situation in most applications for judicial review, a true appreciation of the core complaint of the Applicant requires a consideration of the decision being challenged in the context of the events which preceded it (which is usual) and the subsequent events (which is not). ... As noted above, the first and fourth grounds are no longer in issue since the Respondent has waived the penalty and indicated that the Applicant could export the diamonds to any country. [34]   The analysis of the other grounds requires a consideration of the legal framework for the decisions, and an assessment of the reasons given for the decision. (1)   Legislative Framework [35]   The starting point is subsection 12(1) of the Act, which provides that “all goods that are imported shall… be reported at the nearest customs office designated for that purpose that is open for business.” ...

Consideration of the issues a.   Text, context and purpose [19]   The issues raised on this appeal turn on the proper interpretation of subsections 222(1) and (3) of the Act. ... The intervener also made submissions based on policy considerations. In its view, the decision of the Federal Court creates unacceptable uncertainty for secured lenders which will have a material, adverse impact on commercial transactions and secured lending. [21]   I begin by observing, by way of background, that amounts withheld by employers from salaries and wages paid to employees on account of income tax, the Canada Pension Plan and Employment Insurance (often referred to as source deductions) are to be remitted to the Receiver General within a specified period of time. ...

R. (1991), 92 D.T.C. 6031, 135 N.R. 61 (F.C.A.) at p. 6032: “a gift is a voluntary transfer of property owned by a donor to a [donee] in return for which no benefit or consideration flows to the donor” (Reasons, para. 22). ... PART I PARTIE I Income Tax Impôt sur le revenu DIVISION B SECTION B Computation of Income Calcul du revenu SUBDIVISION C SOUS-SECTION C Taxable Capital Gains and Allowable Capital Losses Gains en capital imposables et pertes en capital déductibles 38 For the purposes of this Act, 38 Pour l’application de la présente loi : … […] (a.2) a taxpayer’s taxable capital gain for a taxation year from the disposition of a property is equal to zero if a.2) le gain en capital imposable d’un contribuable pour une année d’imposition, tiré de la disposition d’un bien, est égal à zéro si, selon le cas: (i) the disposition is the making of a gift to a qualified donee (other than a private foundation) of a property described, in respect of the taxpayer, in paragraph 110.1(1)(d) or in the definition “total ecological gifts” in subsection 118.1(1), or (i) la disposition consiste à faire don à un donataire reconnu (à l’exception d’une fondation privée) d’un bien visé, en ce qui concerne le contribuable, à l’alinéa 110.1(1)d) ou à la définition de « total des dons de biens écosensibles » au paragraphe 118.1(1), (ii) the disposition is deemed by section 70 to have occurred and the taxpayer is deemed by subsection 118.1(5) to have made a gift described in subparagraph (i) of the property; (ii) la disposition est réputée aux termes de l’article 70 avoir été effectuée, et le contribuable est réputé aux termes du paragraphe 118.1(5) avoir fait don du bien conformément au sous-alinéa (i); … […] Definitions Définitions 54 In this Subdivision, 54 Les définitions qui suivent s’appliquent à la présente sous-section. … […] capital property  of a taxpayer means immobilisations S’agissant des immobilisations d’un contribuable: (a) any depreciable property of the taxpayer, and a) disposition de biens tous biens amortissables du contribuable; (b) any property (other than depreciable property), any gain or loss from the disposition of which would, if the property were disposed of, be a capital gain or a capital loss, as the case may be, of the taxpayer; b) tous biens (autres que des biens amortissables) dont la disposition se traduirait pour le contribuable par un gain ou une perte en capital. … […] proceeds of disposition of property includes, produit de disposition Sont compris dans le produit de disposition d’un bien: (a) the sale price of property that has been sold, a) le prix de vente du bien qui a été vendu; SUBDIVISION F SOUS-SECTION F Rules Relating to Computation of Income Règles relatives au calcul du revenu Inadequate considerations Contreparties insuffisantes 69 (1) Except as expressly otherwise provided in this Act, 69 (1) Sauf disposition contraire expresse de la présente loi: … […] (b) where a taxpayer has disposed of anything b) le contribuable qui a disposé d’un bien en faveur: … […] (ii) to any person by way of gift inter vivos, or (ii) soit d’une personne au moyen d’une donation entre vifs, … […] the taxpayer shall be deemed to have received proceeds of disposition therefor equal to that fair market value; est réputé avoir reçu par suite de la disposition une contrepartie égale à cette juste valeur marchande; DIVISION C SECTION C Computation of Taxable Income Calcul du revenu imposable Deduction for gifts Déductions pour dons applicables aux sociétés 110.1 (1) For the purpose of computing the taxable income of a corporation for a taxation year, there may be deducted such of the following amounts as the corporation claims 110.1 (1) Les montants suivants peuvent être déduits par une société dans le calcul de son revenu imposable pour une année d’imposition: … […] Ecological gifts Dons de biens écosensibles (d) the total of all amounts each of which is the eligible amount of a gift of land (including a covenant or an easement to which land is subject or, in the case of land in the Province of Quebec, a personal servitude (the rights to which the land is subject and which has a term of not less than 100 years) or a real servitude) if d) le total des montants représentant chacun le montant admissible d’un don de fonds de terre, y compris un covenant ou une servitude, visant un fonds de terre (la servitude devant être, si le fonds de terre est situé au Québec, une servitude personnelle d’une durée d’au moins 100 ans ou une servitude réelle) si, à la fois: (i) the fair market value of the gift is certified by the Minister of the Environment, (i) la juste valeur marchande du don est attestée par le ministre de l’Environnement, (ii) the land is certified by that Minister, or by a person designated by that Minister, to be ecologically sensitive land, the conservation and protection of which is, in the opinion of that Minister or the designated person, important to the preservation of Canada’s environmental heritage, and (ii) selon l’attestation de ce ministre ou d’une personne qu’il désigne, le fonds de terre est sensible sur le plan écologique, et sa préservation et sa conservation sont, de l’avis de ce ministre ou de cette personne, importantes pour la protection du patrimoine environnemental du Canada, (iii) the gift was made by the corporation in the year or in any of the five preceding taxation years to (iii) le don a été fait par la société au cours de l’année ou des cinq années d’imposition précédentes à l’une des personnes suivantes: (A) Her Majesty in right of Canada or of a province, (A) Sa Majesté du chef du Canada ou d’une province, (B) a municipality in Canada, (B) une municipalité du Canada, (C) a municipal or public body performing a function of government in Canada, or (C) un organisme municipal ou public remplissant une fonction gouvernementale au Canada, (D) a registered charity one of the main purposes of which is, in the opinion of that Minister, the conservation and protection of Canada’s environmental heritage, and that is approved by that Minister or the designated person in respect of the gift. ...

No explanation was provided for the difference between the amount claimed and what would have been claimed if the adjusted cost base of the 19,343,493 shares acquired by Keybrand would have been $1 per share or $19,343,493 in total. [16]   In any event, assuming that 19,343,493 common shares of Vidabode were issued to Keybrand for $1 per share, the only consideration identified by the Tax Court Judge in paragraph 41 of his reasons that was paid by Keybrand to acquire shares was the $14,452,515 that Keybrand had borrowed from TD Bank to acquire 14,452,515 shares. ... As noted above in paragraphs 28 and 29, since there was no actual disposition of the shares of Vidabode, Keybrand had to rely on the deemed disposition rules of subsection 50(1) of the Act: 50. (1) For the purposes of this subdivision, where 50. (1) Pour l'application de la présente sous-section, lorsque, selon le cas: (a) a debt owing to a taxpayer at the end of a taxation year (other than a debt owing to the taxpayer in respect of the disposition of personal-use property) is established by the taxpayer to have become a bad debt in the year, or a) un contribuable établit qu'une créance qui lui est due à la fin d'une année d'imposition (autre qu'une créance qui lui serait due du fait de la disposition d'un bien à usage personnel) s'est révélée être au cours de l'année une créance irrécouvrable; (b) a share (other than a share received by a taxpayer as consideration in respect of the disposition of personal-use property) of the capital stock of a corporation is owned by the taxpayer at the end of a taxation year and b) une action du capital-actions d'une société (autre qu'une action reçue par un contribuable en contrepartie de la disposition d'un bien à usage personnel) appartient au contribuable à la fin d'une année d'imposition et: (i) the corporation has during the year become a bankrupt, (i) soit la société est devenue un failli au cours de l’année, (ii) the corporation is a corporation referred to in section 6 of the Winding-up and Restructuring Act that is insolvent (within the meaning of that Act) and in respect of which a winding-up order under that Act has been made in the year, or (ii) soit elle est une personne morale visée à l'article 6 de la Loi sur les liquidations et les restructurations, insolvable au sens de cette loi et au sujet de laquelle une ordonnance de mise en liquidation en vertu de cette loi a été rendue au cours de l'année, (iii) at the end of the year, (iii) soit les conditions suivantes sont réunies à la fin de l'année: (A) the corporation is insolvent, (A) la société est insolvable, (B) neither the corporation nor a corporation controlled by it carries on business, (B) ni la société ni une société qu'elle contrôle n'exploite d'entreprise, (C) the fair market value of the share is nil, and (C) la juste valeur marchande de l'action est nulle, (D) it is reasonable to expect that the corporation will be dissolved or wound up and will not commence to carry on business (D) il est raisonnable de s'attendre à ce que la société soit dissoute ou liquidée et ne commence pas à exploiter une entreprise, and the taxpayer elects in the taxpayer's return of income for the year to have this subsection apply in respect of the debt or the share, as the case may be, the taxpayer shall be deemed to have disposed of the debt or the share, as the case may be, at the end of the year for proceeds equal to nil and to have reacquired it immediately after the end of the year at a cost equal to nil. le contribuable est réputé avoir disposé de la créance ou de l'action à la fin de l'année pour un produit nul et l'avoir acquise de nouveau immédiatement après la fin de l'année à un coût nul, à condition qu'il fasse un choix, dans sa déclaration de revenu pour l'année, pour que le présent paragraphe s'applique à la créance ou à l'action. [80]   Since Vidabode did not file for bankruptcy until May 6, 2011 and since there is no indication that there was a winding-up order under the Winding-up and Restructuring Act, R.S.C. 1985, c. ...

In my view, the removal of any initial consideration by the Minister of the substantive conditions in subsection 231.2(3) would result in a proliferation of unnecessary court applications. [46] Zeifmans argues that the Artistic Ideas approach to section 231.2 means that the Minister can obtain information relating to unknown persons from a third party whether or not the unnamed persons are subject to audit. ... The Minister states that the Information Sheet reflects the receipt by one or more of the Named Persons of transfers of offshore income during the audit period and that the inclusion of the Unnamed Persons in the RFI is part of the CRA’s efforts to properly characterize those transfers for purposes of the ITA and the existing audit. [58] The Information Sheet begins by listing the names of the taxpayers under audit, the Named Persons, and the tax years under consideration, followed by a brief history of the audit. ...

In arriving at a determination as to what is a generally accepted accounted principle treatment given by her peers was an important consideration for her. ... This is because a number of facts taken into consideration by accountants are excluded by certain provisions of the Income Tax Act in the determining of taxpayers’ profits. ...

Justice Estey stated, at page 294 (C.T.C. 302, D.T.C. 5502), [I] t has been said that control for these purposes concerns itself with de jure and not de facto consideration (see Buckerfield’s Ltd., supra, at page C.T.C. 507 (D.T.C. 5303), and Dworkin, supra, at page 227 (C.T.C. 52, D.T.C. 5036). ... Surely a person controlling such a corporation would not surrender control to a stranger for the consideration of $2,000. ...

NOW, THEREFORE, in consideration of these presents, we the Bank of Montreal, covenant, promise and agree as follows: 1. ... Dale, the bank and Revenue Canada, all expected, when the guarantee was provided and when it was extended, that when the amount of tax outstanding was finally determined, after consideration of the objections to the assessments, the taxes would be paid by or on behalf of the taxpayer by Dale. ...

. $40,000, for the consideration of U.S. $200,000. The parties agreed that Altano, U.S.C. and Sampas would continue to be the registered owners of the Puerto Rico assets. ... The guarantee fee paid on the Turkish Lira Deposit guarantee was payable only if he had to make good on the guarantees and was not the consideration for making the guarantee. ...