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., the purchaser, did not hesitate to admit that he was aware of the distinction and that he considered it more advantageous for his company to buy the shares, although if for some reason they could not get all of the shares should Mr. ... In 1963 Siebens Leaseholds Ltd. had disposed of an asset known as "Fargo override” and royalty interests referrable thereto, the profit on which was considered by the Minister to be income, so assessed, and taxes were paid thereon in the amount of $55,330.38 by Siebens Leaseholds Ltd. and $15,639.01 was assessed to Canadian Export Gas and Oil Ltd. ...

He compared the purchase of it for future sale at a profit with the purchase of growth stocks paying no dividends but being capable of doing so, and considered that the holding of it was not an undertaking or adventure and that it lacked the badges of trade, the speculation or risk being negligible. ... I do not indicate which way it ought to be, but I commend the Commissioners to consider what took place in the nature of organizing the speculation, maturing the property, and disposing of the property, and when they have considered all that, to say whether they think it was an adventure in the nature of trade or not.” ...

On November 29th, 1971, the Executors received a Notification by the Minister dated the 26th day of November, 1971, wherein the Minister confirmed the said Assessment and stated the ground upon which such confirmation was based as follows: “The Honourable the Minister of National Revenue having duly considered the facts and reasons set forth in the Notice of Objection and matters thereto relating hereby confirms the said assessment as having been made in accordance with the provisions of the Act and in particular on the grounds that the value of 2,000 Class B shares of Wenonah Investments Limited were correctly determined having regard to the value of rights or property comprised in the disposition or settlement contemplated by the Agreement of February 5, 1963, by virtue of the provisions of paragraph (d) or paragraph (e) of subsection (1) of Section 3 of the Act or alternatively by virtue of the provisions of paragraph (i) of subsection (1) of Section 3 of the Act.” 3 In addition to the agreed facts, additional facts are set out in the appellant's memorandum of fact and law and are not disputed by the respondents: 6. ... Otherwise the word “purchase” would bear only its ordinary meaning and would not require the qualification provided by the words “bona fide”. 23 It is apparent that the learned trial judge considered the oral evidence adduced before him, the various agreements, the minutes of meetings of the directors and shareholders of the company and the letters patent and supplementary letters patent in coming to the conclusion that “the intent of these transactions was to ‘freeze’ for estate tax purposes the estate of the deceased”. ...

In fact, he acknowledged that he had considered the disposition of the shares prior to 1985. 55 The evidence concerning the plaintiffs' expectations becomes even more speculative and less relevant with the plaintiff Ludco Enterprises Ltd. prepared to make a fully leveraged investment of $1.4M in December 1980, when interest rates were double those of 1977. ... 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 Respondents assert that the question is relevant to whether the CRA considered or gave effect to the responses provided by the Respondents and whether the CRA is satisfied with the representations made in the letter. ... Charpentier’s evidence is that he reviewed the letter and, as such, the CRA considered it. ...

[Emphasis added] [22] By letter dated June 1, 2022, the CRA considered the objection and new evidence filed by the Applicant. ... It states: We have completed your request and have carefully considered all the information to support your CRB eligibility. ...

The Tax Court considered such defects to be substantive ones, and therefore, held that the validity of the assessment could not be protected by the curative provisions of the Act. ... M.N.R., [1981] C.T.C. 229, 81 D.T.C. 5232 (F.C.T.D.); rev'd [1982] C.T.C. 239, 82 D.T.C. 6204 (F.C.A.); aff'd [1984] S.C.R. 614, [1984] C.T.C. 345, is that documents such as those in dispute will not be considered invalid when there is no prejudice or confusion created thereby. ... Such a failure might well be considered as fatal to the Crown's case and the taxpayer's appeal allowed. ...

[Jurisprudence written by Macfarlane, J. in which he considered certain U.S. cases.] ... So, it appears after all that the majority considered that Chief Justice McEachern did not carry his intellectual exercise far enough. ... Even the considered price of $9,000 per share was seen to be too rich for a sale price to a special purchaser at or near Valuation Day. ...

The loan from Wells Fargo Bank to the taxpayer could not have been considered as one from which the taxpayer might earn profit, and, hence, any interest paid on that loan was not deductible. ... Rather than liquidating any of the Trust’s $70 million in capital assets, the trustees considered it advantageous to borrow the needed funds. ... In the language of Imperial Oil, the risk of loss assumed by Cal-Gas could not reasonably be considered to be normal. ...

Problems encountered in 1978 and subsequent years In 1978, Syncrude could not be operated in a commercial manner as there were a number of problems which not only prevented it from moving into commercial production, but which Gulf considered threatened the existence of Syncrude. ... If the Crown adopts that advice as argument, it will be before the Court, without its being considered to be evidence.... ... Thus, although a water intake line is not always considered to be a pipeline, the evidence did not show on a balance of probabilities that the water intake line in question was not a pipeline. ...