Search - consideration

., 92 DTC 1531, [1992] 1 CTC 2355 (TCC)-- summary under Shares Summary Under Tax Topics- General Concepts- Fair Market Value- Shares The taxpayer acquired the personal residence of a related individual in consideration for issuing non-voting preference shares which were redeemable by the taxpayer but not retractable by the individual. ... Pierre Savoie [the individual], from recovering any value whatever in respect of the property transferred to [the taxpayer], since the redeeming of class G shares received in consideration could not have been obtained by a holder who did not have legal control, whether direct or indirect. ...

., 92 DTC 1531, [1992] 1 CTC 2355 (TCC)-- summary under Subsection 160(1) Summary Under Tax Topics- Income Tax Act- Section 160- Subsection 160(1) The taxpayer acquired the personal residence of a related individual in consideration for issuing non-voting preference shares which were redeemable by the taxpayer but not retractable by the individual. ... Pierre Savoie [the individual], from recovering any value whatever in respect of the property transferred to [the taxpayer], since the redeeming of class G shares received in consideration could not have been obtained by a holder who did not have legal control, whether direct or indirect. ...

The Queen, 2006 DTC 2376, 2006 TCC 44-- summary under Subsection 245(3) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(3) The taxpayer, who held 14.28% of the common shares of a Canadian private corporation ("Consercom") transferred a 9.76% block to a wholly-owned holding company ("6311") in consideration for preferred shares of 6311 with a high paid-up capital (thereby giving rise to a capital gain eligible for the capital gains exemption). The taxpayer also transferred shares of a Canadian private corporation ("Gestion") that he owned together with his brother to 6311 in consideration for shares of 6311. ...

The Appellant claimed input tax credits ("ITCs") on its purchase of one such item of equipment (a boat) on the basis that some of the funding for the boat purchase came from the Nova Scotia government, and that such funding should be viewed as the consideration for a taxable supply of the boat to the government. The Minister denied the ITC claim on the basis that the boat instead was used in making exempt supplies for no consideration under Sched. ...

A week later, the action was settled by one of the trustees agreeing to pay him two lump sums in consideration for a release. ... The Appellant's father demanded and received consideration as provided in the form of the deed of release and disclaimer.... ...

Submissions made that full consideration was given in the form of the taxpayer's legal entitlement to be supported by her husband, and the use by her husband of a room in the home as an office, were inconsistent with the Yates decision. Furthermore, although the taxpayer performed household chores, these "were more in the nature of a donation rather than as consideration for the property transferred" [para. 26]. ...

In finding that the taxpayer had realized proceeds of disposition of $105,000 rather than $90,000 notwithstanding that the promissory note likely had no value, Rip, TCCJ. noted that there was no evidence that the property had a fair market value of less than $105,000, that "part of the consideration and satisfaction of the sale price was that the appellant accepted a promissory note, regardless of the fact that it had no market value" (p. 1160), and that s. 54(h)(i) expressly referred to the sale price of property that had been sold (which, in this case, was $105,000) and made no mention of the consideration paid to satisfy the sale price. ...

The MGICs transferred all their shares of ProCap to ProRé for consideration (in the case of the voting shares transferred by the MGICs) in the form of certificates of additional participation in the capital of ProRé. Before going on to find that s. 256(7)(d) deemed there to have been no acquisition of control of ProCap, Favreau J paraphrased s. 256(8.1) and stated (at para. 44, TaxInterpretations translation): By virtue of subsection 256(8.1) of the ITA, ProRé is therefore deemed to have issued shares of its capital stock to the MGICs in consideration for the transfer of their Class A shares that they held in ProCap. ...

The Queen, 2010 TCC 358-- summary under Subsection 153(2) Summary Under Tax Topics- Excise Tax Act- Section 153- Subsection 153(2) s. 153(2) requires a reasonable allocation of consideration between component supplies In order to promote the sale of its honey products produced on its rural lands, the appellant developed a “labyrinth” of trails on its forest lands. ... Before confirming the resulting reassessments that treated the $1.50 of the ticket prices as being zero-rated consideration for the honey or other food products, and the balance as consideration that was subject to tax, Boyle J referred to s. 153(2), and stated (at paras. 8. 19, TaxInterpretations translation): The cost of admission to … the … forest must be reasonably divided between access to the labyrinth and other activities, and the mandatory purchase of a coupon to be exchanged for a honey or maple food product. ...

In this regard, he stated (at paras. 57, 62-63): [T]here has been an evolution in the doctrine of consideration in the context of contract modifications. Recently, the British Columbia Court of Appeal held that when parties to a contract agree to vary its terms, the variation should be enforceable without fresh consideration, absent duress, unconscionability, or other public policy concerns (Rosas v. ... Although there is no evidence in this case that IPG provided any consideration to Houweling in return for his agreement to wait for payment of the loan, there is nothing to suggest that IPG exerted any economic pressure on Houweling to obtain the variation in the loan agreement and that there are no public policy reasons that would render the agreement unenforceable. … As a result, there was no amount owing by IPG to Houweling during the year that followed the issuance of the RTP and therefore no amount owing by IPG under the ITA as a result of its failure to make any payment to the Minister pursuant to the RTP. ...