Search - consideration

In the case at bar, the deed from CMHC as mortgagee to CMHC in its own right was for a consideration of $1. While there is nothing fraudulent about this and it is a well-recognized consideration in the conveyancing of property in non-arm’s length transactions, $1 clearly does not reflect the consideration for which CMHC acquired the property from the plaintiffs. The consideration was the amount of its reserve bid at the mortgage sale namely, $3,764,741.85. ...

I agree with my brother Cattanach, J: I feel that the wording of paragraphs 2(1)(d) of The Finance Act of 1894 of UK and 3(1)(j) under consideration are absolutely identical (our section must have in fact been taken verbatim from that Act) and like him I, at least, find some comfort in the above-quoted words of Lord Lorebum, LC. ... All of these objectives were perfectly legal and legitimate, but the parties all knew that the deceased would be purchasing shares from her own resources and converting them into voting share certificates and then transferring those certificates to the trustee for the benefit of her issue without any true consideration. ... The deceased received no consideration for this transfer, thereby constituting a gift of the policy within the provisions of the Real Estate Tax Act, the face value of which was properly included in computing the aggregate net value of property passing on death. ...

Analysis [30] Subsection 97(2) of the ITA permits parties to a transfer to a partnership to rollover the tax consequences of that transfer to a future date by jointly electing that, for income tax purposes, a transferred asset was sold for an amount other than the actual consideration exchanged. ... [emphasis added] [36] Information Circular 07-01, entitled “Taxpayer Relief Provisions”, provides insight into CRA’s considerations in respect of the acceptance of amended elections under section 220(3.2) of the ITA. ... Rather, the materials relied upon by the Applicant urge a consideration of “the intent of the taxpayer in making changes to previously reported transactions”. ...

The important consideration is not what the parties agree to, nor what their intent is. ... To the extent that the consideration was for something other than that use of the money, the payments were not interest. ... I am not suggesting that tax considerations are not legitimate business considerations; what is in issue is whether such considerations, where they are the predominant ones, should be subsidized through the Income Tax Act. ...

JUDGMENT in IMM-718-19 THIS COURT’S JUDGMENT is that this application is granted, the H&C Application is remitted to a different officer for consideration after the Applicant has had an opportunity to make further submissions and provide additional evidence in support of her application, and no question is certified. ...

My jurisdiction is limited to a consideration of Mde Justice Tremblay-Larner’s order, issued pursuant to s. 225.1 of the Income Tax Act (the jeopardy order). ...

Therefore a consideration of the facts is expedient to resolve the transaction and its tax consequences. ... It is a conglomerate of stock phrases thrown together without due consideration to their meeting. ... The parties acknowledge that as part of the consideration of said sale, the undersigned agreed to assign their accounts in the amounts as set opposite their names to the purchaser of the common stock of Maple Leaf Metal Products, Ltd. ...

If, for some reason, the city had never carried out the improvements a right to recover the amount on a failure of consideration would have arisen. ... One consideration may point so clearly that it dominates other and vaguer indications in the contrary direction. ... This consideration as well, therefore, appears to me to suggest the revenue nature of the expenditure. ...

But the real question is still what is its intrinsic character, and in the consideration of this question a description due to the authority under which it is paid may well mislead.” ... It is merely an adjustment of the nominal consideration for the transfer. ... Clearly, this policy could not be taken into consideration if it were contrary to the provisions of the Act. ...

I directed the Registry to advise the applicants that the draft of the consent judgment was not acceptable for implementation in the form it was drafted and that consideration would be given to a revised draft of the consent judgment which contained within its four corners the terms of the judgment sought without resort to extrinsic material. ... If perchance paragraph 2 of the submitted draft which states that the appeal for the 1974 taxation year is allowed in part” had gone on to state as I consider to be obligatory “that in all other respects the appeal is dismissed” I may have given consideration to granting a judgment so worded but the draft judgment was not so worded. ...