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In response to a submission of the Minister referring to the large investment portfolio held by the taxpayer, he stated (p. 5286): It may be said generally that although the source of the income of a corporation is an important element to be considered in determining which is its principal business it is not the only matter to be considered and not necessarily the determinant factor. ...

Expense- Financing Expenditures loan received on capital account if it is an addition to borrower's capital (cf. inventory) In finding that interest paid by the taxpayer (an employed broker of an investment dealer) on a loan taken out by him in order to purchase the customer list of a departing employee was a payment "on account of capital", Major J. first responded (at para. 37) to the submission of the Minister that the Act was a complete code for the deductibility of interest so that interest payments could only be deducted if they met the requirements of specific provisions such as s. 8(1) (j) or s. 20(1) (c) by stating that “[i]t is evident from the manner in which [CRA] allows moneylenders to deduct interest payments, without reliance on any specific section of the Act, when they are calculating profits for the purposes of determining their income for the year under s. 9 that they have not adhered to this position in the past”, and noted that in other jurisdictions the question considered was whether interest payments were of a capital nature whereas in Canada, deduction was prohibited if a payment was "on account of capital". ... If the money adds to the financial capital then the payment of interest on that loan will be considered to be a payment “on account of capital”. ...

The Queen, 95 DTC 5273, [1995] 1 CTC 382 (SCC)-- summary under Subsection 15(1) Summary Under Tax Topics- Other Legislation/Constitution- Charter (Constitution Act, 1982)- Subsection 15(1) S.56(1)(b), which required the inclusion of child maintenance payments in the hands of the recipient (in this case, the former wife of the payor) did not, when considered in conjunction with the corresponding deduction in s. 60(b) and in light of the requirement under family law to take the income tax position of the recipient into account, did not impose a burden on the recipient because there would be a corresponding gross-up for the amount of such tax in most instances and, because the income-splitting effect of the provisions made more resources available for the payment of maintenance. ...

Canada, [1998] 1 S.C.R. 795, 98 DTC 6334, [1998] 3 CTC 303-- summary under Tax Avoidance Summary Under Tax Topics- General Concepts- Tax Avoidance no business purpose test In finding that the transactions under consideration had successfully avoided the change-of-control provisions of the Act, Iacobucci C.J. stated (at p. 6350) that "it is well established in the jurisprudence of this Court that no 'business purpose' is required for a transaction to be considered valid under the Income Tax Act, and that a taxpayer is entitled to take advantage of the Act even where a transaction is motivated solely by the minimization of tax". ...

The following criteria should be considered: the profit and loss experience in past years, the taxpayer's training, the taxpayer's intended course of action, the capability of the venture as capitalized to show a profit after charging capital cost allowance. ...

The following criteria should be considered: the profit and loss experience in past years, the taxpayer's training, the taxpayer's intended course of action, the capability of the venture as capitalized to show a profit after charging capital cost allowance. ...

Minister of National Revenue, 53 DTC 1185, [1953] CTC 293, [1953] 2 S.C.R. 496-- summary under Ownership Summary Under Tax Topics- General Concepts- Ownership the shares of a subsidiary of a corporation are not owned “indirectly” by the shareholders of that corporation Whether a corporation (the Western Company) was related to its two equal corporate shareholders (the Alberta Company and the Saskatchewan Company) under s.36(4)(b)(iii) of the 1948 Act turned, in part, on whether the related individuals owning all the shares of the Alberta Company and the Saskatchewan Company were to be considered as “owning] directly or indirectly” the shares of the Western Company. ...

By virtue of this definition, a single operation is to be considered as a business although it is an isolated venture entirely unconnected with the taxpayer's profession or occupation... ...

Unlike the minority, who found that the lenders were not "secured creditors" because they did not have a security interest in the property of "another person", Cory J. found that because the lenders would have no further interest in the assignments once the secured loans were paid off, the assignments could not be considered absolute assignments and, instead, conformed with the definition of "security interest". ...

This profit was found to be realized in connection with an adventure in the nature of trade given that those debentures could not be considered to have been acquired for income and given that the profit arose at least in part from his efforts as a businessman. ...