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The Queen, 2018 TCC 182, rev'd on s. 95(1)- investment business- (a) (arm's length conduct) grounds 2020 FCA 79, in turn aff'd 2021 SCC 51-- summary under Paragraph (a) Summary Under Tax Topics- Income Tax Act- Section 95- Subsection 95(1)- Investment Business- Paragraph (a) Barbados-licensed international bank, which used Loblaw funding to invest responsively to Loblaw considerations, conducted an offside non-arm’s length business The taxpayer, which was an indirect wholly-owned subsidiary of Loblaw Companies Limited (a Canadian public company) wholly-owned a Barbados subsidiary (GBL), that was licensed in Barbados as an international bank, and (as was relevant under s. 95(2)(l)((iv)(C)) also wholly-owned a Schedule I bank. ...

In finding that the premiums received by Applewood qualified for exemption as consideration for the arranging for the issuance of financial instruments (paras. ...

. … (1) they did not refer to prior sales of the property; (2) there is no reference to providence; (3) there was multiples of the same print bought and dated; (4) there was no reference to the price paid by the donors; (5) the use of the art was not considered; and (6) no consideration was given to the impact of the flooded market place. ...

The “contextualist” approach, on the other hand, allows for the consideration of extrinsic evidence when there is latent ambiguity, thus making it possible for the factual matrix surrounding the contract at the time it was formed to be considered. ...

Rossiter CJ also found that there was an exchange of legal consideration, stating (at para. 132): Black’s direct advancement of funds to International on Inc.’s behalf is not a bar to a loan existing between Black and Inc. ...

…[I]t is difficult to see how the legal treatment of a dividend under corporate and civil law would prevent Parliament from regarding that dividend, for tax purposes, as a transfer of property without consideration when made by persons who are not dealing at arm's length. … In also rejecting the taxpayer’s argument that a portion of the dividends were in fact loan repayments, he stated (at paras. 25-26): However, this does not change the fact that the dividends … were reported as dividends …. ...

Muir had given consideration of $124,000 to the Corporation. Before vacating the assessment, Boyle J stated (at paras 19, 20 and 22): I find that the $124,000 was transferred by the Corporation to Ms. ...

Although there was no evidence as to how the purchase price, and the proceeds of the judicial sale, should be allocated between the mortgage and the debt, he found in light of the circumstances including the insolvency of the debtor that it was reasonable to allocate 99.9% and 0.1% of the purchase consideration to the mortgage and the debt, respectively and that “to achieve symmetry” (para. 116) the proceeds should also be allocated in those proportions. ...

Sommerfeldt J found, in light of the insolvency of the developer, that it was reasonable to allocate 99.9% and 0.1% of the purchase consideration to the mortgage and the debt, respectively and that “to achieve symmetry” (para. 116) the proceeds should also be allocated in those proportions. ...

These transactions depended in part on the appellants being considered to have acquired units of an income fund ("FMO") from another income fund ("TOM") (which in turn had purportedly acquired the FMO units from an RRSP in consideration for issuing TOM units to it) at a cost equaling the units’ FMV, followed immediately by a distribution to them of capital gains that had been realized by FMO – with that distribution not reducing the ACB of their units by virtue of s. 53(2)(h)(i.1)(A) and (B)((I). ...