Search - consideration

(herein "Justinian") for a total consideration of $357,922. ... (herein "Justinian") for a total consideration of $3,016,597. ... I mean I’m not talking about this now from an income tax consideration. ...

In consideration therefor, the purchasers agreed to reimburse the vendor for any income taxes "actually incurred and paid" by the latter on or before July 31,1986 in respect of the sale of the 17,920 shares covered by the agreement. ... This means that the alleged settlor, whether he is giving the property on the terms of a trust or is transferring property on trust in exchange for consideration, must employ language which clearly shows his intention that the recipient should hold on trust. the interest of the sons with respect to the plaintiff's shares on the latter's death, if any, was contingent at best, depending as it did on the fact of their surviving the plaintiff and the further condition that neither the company nor any of the parties to the agreement were adjudged bankrupt or insolvent. ... The truth of the matter is that the 1970 agreement was entirely superseded by the triad of agreements of 1981 and the sale of the plaintiff's shares of Amherst to Malden for $3 plus the additional consideration contemplated by paragraphs 2(c) and 15 of the 1981 sale agreement. ...

These included in particular Minister of Revenue for Ontario v J S McCreath, [1977] 1 S.C.R. 2; [1976] CTC 178 and Gartside et al v IRC, [1968] AC 553, but while these cases are illuminating as to the rights there in question in relation to the particular taxing provisions under consideration I do not regard them as applicable or as of assistance in resolving the very different questions that arise on subsection 75(1). ... Certainly that is so, and when it is said that he has a right to have the trustees exercise their discretion “fairly”, or “reasonably” or “properly” that indicates clearly enough that some objective consideration (not stated explicitly in declaring the discretionary trust, but latent in it) must be applied by the trustee and that the right is more than a mere spes. ... In that case, the comments relied on are contained on pp 10 to 15 and relate to a consideration therein as to whether the testatrix has reserved to herself, in a Trust Deed, an interest in the corpus of the Trust so as to make it “property passing on her death” as defined in subparagraph 1 (p)(viii) of The Succession Duty Act of Ontario. ...

The general canons of construction must be con­sidered and the meaning of words determined from a consideration of all relevant statutory or regulatory provisions. ... In his reasons for judgment, Addy J. expressed the view at p. 528:... that property in the class under consideration must actually exist before a deduction for previously acquired property of that class may be claimed. ... —The right of disposal includes, besides the right to abandon the thing and the right to destroy it, two important prerogatives: the right to alienate the thing whether gratuitously or for consideration, and the right to preserve it in the estate. ...

It was suggested that these shares might have been issued or transferred, as the case may be, with the consideration given in payment for them being the $20,000 allegedly advanced by Messrs Bolduc and Lavigueur prior to January 27, 1967 which advances both Messrs Rainu and Lavigueur insisted had been made although no cheques could be produced covering them. ... This leaves for consideration defendant’s primary argument based on paragraph 12(1)(a) of the Act which reads as follows: 12.(1) In computing income, no deduction shall be made in respect of (a) an outlay or expense except to the extent that it was made or incurred by the taxpayer for the purpose of gaining or producing Income from property or a business of the taxpayer, Defendant contends that these loans and the manner in which they were made constituted an outlay or expense for the purpose of gaining Or producing income from his and Mr Bolduc’s business of renting property and that they were made for the purpose of keeping Radal Limited as a solvent company which would hopefully pay the rental due by virtue of its 3-year lease for a floor of one of their rental properties. ... While there is no doubt that the matter in issue was an important and interesting one and that counsel for defendant is experienced in these matters and can be presumed to have devoted considerable time to the preparation of the case, it nevertheless appears to me to be contrary to the spirit and intention of subsection 178(2) to argue that on the one hand the Minister should pay all reasonable and proper costs of the taxpayer because the amount of the tax involved in the assessments for the year which is before the Court does not exceed $2,500, while, on the other hand, in estimating what are the reasonable and proper costs, consideration should be given to the fact that a sum substantially more than this will be involved if the total amount of income to be deducted over a period of years is taken into consideration, and that because of this the importance of the matter is consider- ably greater than one involving a tax of under $2,500 with the result that if the fees which taxpayer’s counsel charges to taxpayer reflect the fact that this larger sum is in issue, these should be considered as reasonable and proper costs of the taxpayer which the Minister will be obliged to pay under subsection 178(2). ...

This is to confirm the agreement of Nordair to pay to the executive upon acceptance of this agreement, in consideration of the Executive cancelling the Option Agreement and waiving all rights thereunder effective December 31, 1986, $58,000 representing the difference between the purchase price of $9.00 per common share provided in the Option Agreement and the $16.25 cash per common share payable under the Take-Over Bid and which would have been payable to the Executive had the Option Shares been issued prior to the expiry of the Take-Over Bid. ... You are hereby granted a period of 30 days as of the date hereof to enable you to present any additional information that you believe should be taken into consideration. ... It was in December 1986 that she signed such a document in consideration of a compensatory amount. ...

Wannan's registered retirement savings plan were transfers of property made to her without consideration, in or after a year in respect of which Dr. ... The second issue requires consideration of the manner in which the bankruptcy dividend was applied to Dr. ... He asserts that the Crown's ability to collect a tax debt from a third party who may have received property from the bankrupt prior to the bankruptcy should be limited to the situations referred to in section 91 of the Bankruptcy and Insolvency Act (settlements of property within one year of the bankruptcy, or five years in certain circumstances, subject to an exception for transactions completed in good faith and for valuable consideration). [19]            Counsel for the Crown argues that counsel for Ms. ...

Today, the outcome of such cases is determined largely by isolating key factual considerations and then applying legal judgment. ... However, the Minister advances serious arguments which warrant consideration. ... Whether the inducement payment represented a reduction in rent or a payment in consideration of the tenant’s assumption of its various obligations under the lease did not alter the fact that it was an income receipt. ...

  [19]          In consideration for this, Mr. Gravel received a fee equal to 22.5% of the fees from each client who was formerly his but was now billed by Martin & Cie. ... ]   [43]          The approach to be undertaken is these matters is not an essentially mathematical one; there is no hard-and-fast test, and it is absolutely essential to take all the facts into consideration. ... As far as the question of consideration is concerned, this element is not decisive of the nature of an expense.   ...

There is also a copy of the deed of transfer of title to the 35th Avenue property from Anita Bowes to the plaintiff, dated August 1, 1981, "in consideration of $1 and other good and valuable consideration... paid to me". ... The form describes the transfer of an estate in fee simple to Edward Bowes from Anita Bowes " in consideration of $1 and other good and valuable consideration paid to me". ...