Search - consideration

Imperial may by written notice (the ‘repayment notice’) require the Dealer to repay the unearned portion of the monetary consideration and the Dealer shall repay to Imperial said unearned portion of the monetary consideration within 10 days after such notice is given. ... Provision was also made for security for repayment of the unearned portion of the monetary consideration. ... The appellant argued that the monetary consideration payable under the Dealer Improvement Agreement was paid solely in consideration of the grant by it of the right of first refusal and was a capital receipt. ...

The obligation to preserve and transmit is an express prohibition on gratuitous disposition, whether by instruments inter vivos or by will, not only of the actual property itself but also of the proceeds of alienations the Survivor may make for consideration during his lifetime, or of property in which such proceeds are invested. ... At the death of the first decedent, however, the residue is all property included in the gift. (6) The right to sell, mortgage and exchange property necessarily presupposes contracts for valuable consideration. “Perform any transaction he thinks fit” refers to transactions eiusdem generis, in other words for consideration. ...

That agreement (Exhibit A-11) reads as follows: MEMORANDUM OF AGREEMENT made this 30th day of April, 1976 BETWEEN: THE CHILDREN’S AID SOCIETY OF THE CITY OF ST THOMAS AND THE COUNTY OF ELGIN hereinafter called the SOCIETY OF THE FIRST PART — and — DOUGLAS G BARRETT, of the City of St Thomas, in the County of Elgin, hereinafter called BARRETT OF THE SECOND PART WHEREAS the SOCIETY has entered into a contract of employment with BARRETT dated October 17th, 1976; (sic) AND WHEREAS BARRETT had requested this be terminated and that the parties enter into this Agreement; AND WHEREAS the SOCIETY has agreed thereto; NOW THEREFORE THIS INDENTURE WITNESSETH that in consideration of the mutual covenants herein contained and other good and valuable consideration, the parties hereto mutually covenant and agree each with the other of them as follows: 1. ... Subsection 6(3) reads as follows: (3) An amount received by one person from another (a) during a period while the payee was an officer of, or in the employment of, the payer, or (b) on account or in lieu of payment of, or in satisfaction of, an obligation arising out of an agreement made by the payer with the payee immediately prior to, during or immediately after a period that the payee was an officer of, or in the employment of, the payer, shall be deemed, for the purposes of section 5, to be remuneration for the payee’s services rendered as an officer or during the period of employment, unless it is established that, irrespective of when the agreement, if any, under which the amount was received was made or the form of legal effect thereof, it cannot reasonably be regarded as having been received (c) as consideration or partial consideration for accepting the office or entering into the contract of employment, (d) as remuneration or partial remuneration for services as an officer or under the contract of employment, or (e) in consideration or partial consideration for a covenant with reference to what the officer or employee is, or is not, to do before or after the termination of the employment. ... I now must decide whether or not that payment “cannot reasonably be regarded as having been received (c) as consideration or partial consideration for accepting the office or entering into the contract of employment, (d) as remuneration or partial remuneration for services as an officer or under the contract of employment, or (e) in consideration or partial consideration for a covenant with reference to what the officer or employee is, or is not, to do before or after the termination of the employment.’’ ...

It cannot correctly be said that consideration can become payable to a purchaser for the performance by him of a simple obligation to purchase. ... The parties to the litigation were apparently in agreement that an agreement by a company to pay a commission to a person in consideration for his subscribing for a definite number of shares would be ultra vires. ... The position was held to be the same whether the agreement applied to a specified number of shares or to an agreement such as that under consideration where only the shares not taken up by the public were to be taken by the underwriter. ...

However, I contend that my consideration for guaranteeing the debt was the subsequent commissions earned which were included in income. ... Counsel for the respondent noted for the record that there was no possibility that the amount could be deductible under paragraph 20(1)(p) of the Act since it was evident it had not been included previously in income to even qualify for such consideration as a deduction. ... The appellant stated at the hearing that the consideration he received for signing Exhibit R-1 was the continuation of the General agency. ...

At the same time, it is not my view that the so/e point for consideration is that apparently held by counsel for the appellant—the stated intention of the taxpayer at the time of acquisition. ... To establish the basis for my review of this matter, I would refer counsel to excerpts from the decision in Arthur E Kruger, Elmer D Bassani and Pantel Holdings Ltd v MNR, [1977] CTC 2311; 77 DTC 208, where I made the following observations at page 2321 [215]: In my opinion, to determine a question of the kind posed at this hearing, particularly dealing with the purchase and sale of land and considered against the background just described, requires the following: (a) an examination of the appellants’ personal and business circumstances at the time of acquisition, as such circumstances conflicted with, or complemented, the probable fulfilment of their stated intention- (b) a review of the efforts made and the progress demonstrated toward such stated intention as an objective; (c) a critical consideration of the reasons advanced for the eventual abandonment or the frustration of the stated intention. I accept that there might be consideration in any acquisition to some course of action which could be termed a secondary intention but it is not merely the fact that it was this consideration which eventually came to fruition, rather than that held as the primary intention, which should alter the nature of the transaction with regard to the liability for income tax—it is the process by which this result was obtained or attained that seems most significant to me. ...

An amount received by one person from another (a) during a period while the payee was an officer of, or in the employment of, the payer, or (b) on account or in lieu of payment of, or in satisfaction of, an obligation arising out of an agreement made by the payer with the payee immediately prior to, during or immediately after a period that the payee was an officer of, or in the employment of, the payer, Shall be deemed, for the purposes of section 5, to be remuneration for the payee’s services rendered as an officer or during the period of employment, unless it is established that, irrespective of when the agreement, if any, under which the amount was received was made or the form or legal effect thereof, it cannot reasonably be regarded as having been received (c) as consideration or partial consideration for accepting the office or entering into the contract of employment, (d) as remuneration or partial remuneration for services as an officer or under the contract of employment, or (e) in consideration or partial consideration for a covenant with reference to what the officer of employee is, or is not, to do before or after the termination of the employment. ... I might point out that I have given careful consideration to the decision in Thomas G Quance v Her Majesty The Queen, [1974] CTC 225; 74 DTC 6210, and to that of my learned colleague, Mr Delmer E Taylor, CA, in Raymond Brackstone v MNR, [1979] CTC 2277; 79 DTC 284. ...

Pierre Senecal in accordance with the terms set forth in the agreement was in consideration of the shares transferred to Mr. ... (c) among other considerations set forth in the said agreement, the parties agreed to the following: “C. ... THAT as part of the consideration for the sale of the Vendor’s Stock, the parties hereto have agreed as follows. ...

The mortgage was allegedly given in consideration of $70,000 bearing an annual interest of 9%. In fact, no monetary consideration was ever received by the appellant for the mortgage. ... The point to be decided, of course, is whether the $70,000 mortgage on the farm given to the children by the mother constituted a gift or whether the mortgage was given for due consideration and not as a gift to the children. ...

Section 68 reads as follows: Amounts in part consideration for disposition of property. Where an amount can reasonably be regarded as being in part the consideration for the disposition of any property of a taxpayer and as being in part consideration for something else, the part of the amount that can reasonably be regarded as being the consideration for such disposition shall be deemed to be proceeds of disposition of that property irrespective of the form or legal effect of the contract or agreement; and the person to whom the property was disposed of shall be deemed to have acquired the property at the same part of that amount. ... In any event Mr Sachs, in his testimony, affirmed that for the I’Esplanade property the Only consideration was $185,000 (paragraph 5.09 of the Facts). ...