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As soon as it was discovered that the necessary capitalization needed to issue the preference shares had not been obtained the directors and shareholders took the steps that they considered necessary to cure the defect. ...

If the increase in net worth plus the amount of personal expenditures exceeds the reported income and non-taxable sources of cash (not including loans that would already be included in determining the net worth) the excess is considered to be unreported income, unless the taxpayer can demonstrate that it is not income ...

Considered separately neither of these elements justifies a disallowance of the interest paid under subsection 245(1). ...

The interest liability should not subsequently be considered contingent due to the possibility of a declining real estate market or skyrocketing interest rates. [44]          There is no evidence at the time this provision was agreed to that there were any exceptional circumstances to suggest it was some interest deductibility scam. ...

Having regard to the above six examples of de facto ownership, there is no single example which, considered alone, would cause me to conclude that the amounts received and accrued by Texas and BV with respect to the notes were income from an active business. ...

Whether the Court should order a reassessment that would be a new basis of assessment was considered by Rothstein J.A. ...

One could conclude that since Parliament considered how to expand the class of people caught and did not specifically include widows and widowers, Parliament must have meant to exclude those individuals. ...

Does this power, even if this situation is not considered a Quistclose trust situation (as legal title is not held by the Appellants), give the Appellants some contingent beneficial interest in the express trust upon which the funds were held by FMC? ...

Of necessity, where the acquisition is made by an agent of the purchaser, the purchaser’s connection to the acquisition transaction and to the question of whether the vendor and purchaser were dealing at arm’s length will require that the agreement between the agent and the purchaser be considered.  ...

Contextual [45]         When the phrase “purported to renounce” in section 211.91 is considered within the context of the scheme for flow-through shares in the Act, it is apparent that the phrase does not just refer to CEE that is effectively renounced as the Appellant contends. ...