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He went on to indicate (at para. 55) that, to determine the character of the single supply, it was “necessary to identify all of the elements of the supply and then determine which element gave the supply its commercial efficacy, or in other words which element caused the payment of the consideration,” and then stated (at para. 57) that in light of the importance of the professional services provided by Dr. ...

Canada, 2023 SCC 16-- summary under Subsection 245(4) Summary Under Tax Topics- Income Tax Act- Section 245- Subsection 245(4) a transaction where a Lossco became subject to control rights similar to de jure control abused the rationale of s. 111(5) The non-capital losses of $90M, and other tax attributes (the “Tax Attributes”) of the taxpayer, were effectively sold to arm’s length investors pursuant to transactions under which: The existing shareholders of the taxpayer exchanged their shares for shares of a “Newco” under a Plan of Arrangement A venture capital company facilitator (Matco) entered into an “Investment Agreement” with the taxpayer and Newco pursuant to which Matco (principally in consideration for $3M in cash) acquired a debenture of the taxpayer that was convertible into shares representing 79% of its equity shares but only 35% of its voting shares. ...

(“Abitibi”), having an FMV of $191.8 million and a nominal ACB, to 366 on a s. 85(1) rollover basis in exchange for preferred shares of 366. 366 then redeemed such preferred shares in consideration for issuing a note to Québecor, and repaid the note by transferring the Abitibi shares back to Québecor. ...

Among other considerations, he indicated: “Dow’s position would upset Parliament’s choice to leave judicial review of discretionary administrative acts to the Federal Court, where an appropriate standard of reasonableness review may be applied and where the proper administrative law remedies are available” (para. 5). ...

. … Since the court has concluded that we are in the presence of a single supply for which the consideration, following the resolution of the sales, was reduced to nil, QSTA section 448 applies, especially since it is not disputed that the requirements of QSTA section 449 are satisfied. ...

In reaching this conclusion, Webb JA noted various considerations including: As s. 186(4) did not “explicitly link the particular time at which the connected test is to be applied to the time that the dividend is received by a corporate shareholder” (para. 30). ...