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., [1985] 1 C.T.C. 2178; 85 D.T.C. 210, the proper interpretation to be placed on paragraph 8(1)(f) of the Act was considered by this Court. ...

However, I have considered whether the phrase from subsection 152(8) — “notwithstanding any... defect... therein or in any proceeding under this Act relating thereto... ...

The Tax Appeal Board, taking a strict constructionist stance in Renown Steel & Service Limited (para. 4.02(2)), did not feel that a guarantee could be considered a loan. ...

Leslie's testimony was that they (the shareholders) realized in 1982 from the real estate disposition, about the amount of $550,000, which he had considered it to be worth back in 1976. ...

There is no evidence that Suncoast as such had any agreement at all with Hutchins in connection with the sale of his shares — although it is quite possible that Alexander and Hutchins might have considered using this as a mechanism to accomplish the purpose of Alexander buying out Hutchins. ...

., [1967] C.T.C. 138; 67 D.T.C. 5096 etc. may provide some comfort to taxpayers, in that allegedly “capital” amounts were not considered as capital by the Courts, and therefore allowed under paragraph 18(1)(a), they do not, in my view, provide the basis for the proposition advanced in this appeal that “loans” are deductible under that paragraph. ...

The relevant sections of the Act to be considered are subsections 15(1) and (2) subparagraphs 20(1)(c)(i) and (ii) which read as follows: 15. (1) Where in a taxation year (a) a payment has been made by a corporation to a shareholder otherwise than pursuant to a bona fide business transaction, (b) funds or property of a corporation have been appropriated in any manner whatever to, or for the benefit of, a shareholder, or (c) a benefit or advantage has been conferred on a shareholder by a corporation, otherwise than (d) on the reduction of capital, the redemption, cancellation or acquisition by the corporation of shares of its capital stock or the winding-up, discontinuance or reorganization of its business, or otherwise by way of a transaction to which section 88 applies, (e) by the payment of a dividend or a stock dividend, (f) by conferring on all holders of common shares of the capital stock of the corporation a right to buy additional common shares thereof, or (g) by an action described in paragraph 84(1)(c.1) or (c.2),... the amount or value thereof shall, except to the extent that it is deemed to be a dividend by section 84, be included in compting the income of the shareholder for the year. (2) Where a person (other than a corporation resident in Canada) or a partnership (other than a partnership each member of which is a corporation resident in Canada) is a shareholder of a particular corporation, is connected with a share- holder of a particular corporation or is a member of a partnership, or a beneficiary of a trust, that is a shareholder of a particular corporation and the person or partnership has in a taxation year received a loan from or has become indebted to the particular corporation, to any other corporation related thereto or to a partnership of which the particular corporation or a corporation related thereto is a member, the amount of the loan or indebtedness shall be included in computing the income for the year of the person or partnership, unless (a) the loan was made or the indebtedness arose (i) in the ordinary course of the lender's or creditor’s business and, in the case of a loan, the lending of money was part of its ordinary business, (ii) in respect of an employee of the lender or creditor or the spouse of an employee of the lender or creditor to enable or assist the employee or his spouse to acquire a dwelling for his habitation, (iii) where the lender or creditor is a Corporation, in respect of an employee of the corporation to enable or assist the employee to acquire from the corporation fully paid shares of the capital stock of the corporation, or to acquire from a corporation related thereto fully paid shares of the capital stock of the related corporation, to be held by him for his own benefit, or (iv) in respect of an employee of the lender or creditor to enable or assist the employee to acquire an automobile to be used by him in the performance of the duties of his office or employment, and bona fide arrangements were made, at the time the loan was made or the indebtedness arose, for repayment thereof within a reasonable time; or (b) the loan or indebtedness was repaid within one year from the end of the taxation year of the lender or creditor in which it was made or incurred and it is established, by subsequent events or otherwise, that the repayment was not made as part of a series of loans or other transactions and repayments. 20. (1) Notwithstanding paragraphs 18(1)(a), (b) and (h), in computing a taxpayer's income for a taxation year from a business or property, there may be deducted such of the following amounts as are wholly applicable to that source or such part of the following amounts as may reasonably be regarded as applicable thereto: (c) an amount paid in the year or payable in respect of the year (depending upon the method regularly followed by the taxpayer in computing his income), pursuant to a legal obligation to pay interest on (i) borrowed money used for the purpose of earning income from a business or properly (other than borrowed money used to acquire property the income from which would be exempt or to acquire a life insurance policy), (ii) an amount payable for property acquired for the purpose of gaining or producing income therefrom or for the purpose of gaining or producing income therefrom or for the purpose of gaining or producing income from a business (other than property the income from which would be exempt or property that is an interest in a life insurance policy), Mr. ...

It is equally clear from the passage previously quoted from the reasons for judgment delivered by Heald, J. in Golden and from reading the authorities cited by him in coming to the conclusions therein that in making a determination under section 68 the matter is to be considered from the viewpoint of both the vendor and the purchaser. ...

While not meant to be all-inclusive, I have considered that the following points therefrom may have been taken into account in the determination: 1... the respondent had always harboured the dream of returning to farming as a means of livelihood.” 2. ...

In Court, it is not sufficient to state a fact under oath for it to be considered proven. ...