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The submission of taxpayer's counsel that because foreign exchange fluctuations are considered to be part of the cost of purchasing inventory, they must also form part of the cost of purchasing any asset, was rejected. ...

In commenting on the test in s. 256(5.1) Noël J.A. stated (at p. 6640) that: "Whatever factors are considered, they must show that a person or group of persons has the clear right and ability to change the board of directors of the corporation in question or to influence in a very direct way the shareholders who would otherwise have the ability to elect the board of directors... in other words, the evidence must show that the decision-making power of the corporation in fact lies elsewhere than with those who have de jure control. ...

Robertson J.A. indicated (at p. 5465) that the Beamish decision (90 D.T.C 1584) and the Cull decision (87 DTC 5322) could "no longer be considered persuasive authorities". ...

Fisher stated (p. 193): "For the purposes of the Income Tax Act, therefore, a bad debt may be designated as the whole or a portion of a debt which the creditor, after having personally considered the relevant factors mentioned above insofar as they are applicable to each particular debt, honestly and reasonably determines to be uncollectible at the end of the fiscal year when the determination is required to be made, notwithstanding that subsequent events may transpire under which the debt, or any portion of it, may in fact be collected. ...

Each one of these elements considered separately may not be determinant, but the repeated combination of the same factors in four successive transactions cannot but establish a clear secondary intention to resell at a profit. ...

. … [T]he agreement to pay the tenant inducement payment of $1.2 million was of no legal consequence and.. it cannot be considered an outlay or expense made for the purpose of gaining or producing income…. ...

Inc. by Carl Vine Ltd. must be considered as income in the hands of Mr. ...

Johnson and Hammill, it cannot give rise to a source of income... and cannot be considered a business under any definition. ...

He then went on to note, with respect to the requirement that the taxpayer's employer carry on business outside Canada, that although "if the Canadian company's business is solely that of a placement agency, the business is not being carried on outside Canada simply by virtue that the personnel placed, conducted their activities outside Canada... if, however, the business is providing services by way of subcontracting to a contractor, which services must necessarily be provided outside Canada, then the business can be considered to be carried on outside Canada". ...

If this interpretation is correct, then the letter could reasonably be considered to be an application to extend time to appeal. ...