Search - consideration

Canada, 2003 DTC 5225, 2003 FCA 128-- summary under Exempt Receipts/Business Summary Under Tax Topics- Income Tax Act- Section 9- Exempt Receipts/Business non-taxable non-compete Consideration received by the taxpayer for giving a non-compete covenant on the sale of shares of companies owned by him directly or through holding companies was found to be a non-taxable capital receipt. ...

Canada, 2003 DTC 5225, 2003 FCA 128-- summary under Expense Reimbursement Summary Under Tax Topics- Income Tax Act- Section 9- Expense Reimbursement Consideration received by the taxpayer for giving a non-compete covenant on the sale of shares of companies owned by him directly or through holding companies was found to be a non-taxable capital receipt. ...

W4N selling its intellectual property, goodwill and some of its other business assets to EMC for consideration including two “capital dividend” notes totaling $22 million (which were later distributed) and a “Balance Note” for $19.75 million. Souty and Virtuose selling special voting shares of W4N to EMC Canada for nominal consideration so as to effect an acquisition of control of W4N and a resulting year end. The balance of the shares of W4N now being sold directly, or through a sale of the balance of the Virtuose shares, for cash consideration of around $14 million. ...

Canada, 2008 DTC 6513, 2007 FCA 16-- summary under Subsection 6(3) Summary Under Tax Topics- Income Tax Act- Section 6- Subsection 6(3) non-solicitation covenant taxable A lump sum received by the taxpayer, who was an investment advisor employed by a Canadian securities firm, on the termination of his employment was found to constitute consideration for his covenant (contained in the termination agreement) not to solicit clients given that "the non-solicitation covenant is at the heart of the termination agreement, which makes no mention of any sale of assets" (para. 16). ...

Canada, 2002 DTC 7061, 2002 FCA 212-- summary under Subsection 160(1) Summary Under Tax Topics- Income Tax Act- Section 160- Subsection 160(1) The taxpayers had been unsuccessful in establishing an alleged connection between service rendered by them and dividends on shares held by them, so that it was not necessary to determine, for the purposes of section 160, whether the work presumably performed could constitute valuable consideration for the issuance of dividends. ...

The Queen, 84 DTC 6526, [1984] CTC 536 (FCA)-- summary under Old Summary Under Tax Topics- Income Tax Act- Section 245- Old "[W]here provisions of the Income Tax Act have the obvious purpose of encouraging taxpayers to enter into an expenditure of a particular kind [here, petroleum exploration expenditures], a taxpayer who otherwise falls within the object and spirit of the relevant provisions cannot be said to unduly or artificially reduce income because he was influenced to enter into it by tax considerations." ...

Canada, 2002 DTC 7463, 2002 FCA 380-- summary under Subsection 160(1) Summary Under Tax Topics- Income Tax Act- Section 160- Subsection 160(1) The Court rejected a submission that a payment of the salary of the taxpayer's husband directly to her bank account was a transfer for consideration because it was made in satisfaction of his lawful obligation to support her to the level of her accustomed standard of living under s. 30 of the Family Law Act (Ontario). ...

The Queen, [2003] DTC 5009 (FCA)-- summary under Evidence Summary Under Tax Topics- General Concepts- Evidence In finding that the trial judge did not err in finding that shares received by the taxpayer pursuant to a corporate resolution that stated such shares were received in consideration for professional services rendered to the corporation, were income to the taxpayer, Noël J.A. stated (at p. 5009) that the taxpayer "Could not repudiate the resolution he signed himself in the absence of clear and compelling evidence. ...

., 82 DTC 6268, [1982] CTC 314 (FCA)-- summary under Cumulative Eligible Capital Summary Under Tax Topics- Income Tax Act- Section 14- Subsection 14(5)- Cumulative Eligible Capital Where the consideration for sale of goodwill is to be paid to the vendor over a series of years, then 1/2 of the amounts so paid are included as eligible capital amounts in computing the vendor's income in the years of payment as opposed to the earlier year of sale: in the year of sale, the amounts to be paid in subsequent years were not then "payable". ...

Canada, 2007 DTC 5559, 2007 FCA 293-- summary under Legal and other Professional Fees Summary Under Tax Topics- Income Tax Act- Section 18- Subsection 18(1)- Paragraph 18(1)(a)- Legal and other Professional Fees The taxpayer earned his living as a prospector by staking claims and obtaining leases and selling them to mining companies for cash and other consideration, often shares of the companies. ...