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Profit- Real Estate development of raw land as income-producing land not parcticable It was admitted on examination for discovery that at the time of acquisition of non-revenue producing lands, the acquiring company considered development of the lands as revenue-producing real estate (as opposed to reselling it at a profit, as in fact occurred) as unlikely in view of the capital and expertise required for such development. ...

The payments "were not payments made without consideration and cannot therefore be considered 'gifts'.... ...

For these purposes, Rothstein J. considered the date the agreement of purchase and sale was entered into (on April 5) rather than the date of closing (October 31) to be the relevant date. ...

Canada (Attorney General), 2020 FC 1014, aff'd 2021 FCA 189-- summary under Section 1 Summary Under Tax Topics- Excise Tax Act- Schedules- Schedule VI- Part IX- Section 1 interest expense of Canadian bank on foreign borrowings was a proxy for zero-rated supplies by it Before going on to find that the Minister’s decision to reject (under s. 141.02(20)) the request of the registrant (“BMO”) for approval of an “output method formula” ITC allocation method (“OMF”) was reasonable, Walker J noted (at paras. 132-133) that both the Minister and BMO considered interest expenses on foreign borrowings to be a proxy for zero-rated supplies by BMO. ...

The trust’s request for such an amended election was rejected by decisions made in the second-level CRA review (conducted by the Assistant Director responsible for the CRA auditor who had proposed the reassessments) on the ground (supported by the “Litt Memo prepared by an auditor) that he considered the “request to be retroactive tax planning,” which was not permissible having regard to the jurisprudence (Canada Life) on rectification. ... The Trusts are not seeking a tax advantage they had not considered at the time…. … The Minister’s delegate … imports equitable requirements specific to rectification and rescission without acknowledging any difference in the remedies sought. … They requested only the amendment of the Original Elections, as contemplated in subsection 85(7.1). ...

In finding that former s. 245(1) did not apply, Tremblay-Lamer J. stated (at p. 6099): "In the case at bar, Parliament had considered the acquisition and disposition of non-qualified investments. ...

Although the joint venture (through its principal, the taxpayer) had considered the possibility of resale, this was not a motivating factor for the acquisition. ...

"It is not even a true liability but rather a mere right to choose at some time in the future whether an undetermined amount will be paid or not and is therefore even more tenuous and nebulous than what is commonly considered a contingent liability. ...

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. ...

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