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. … There is no doubt that the density rights to a property have a value and that this value must be considered in determining the current value of the properties. ...

., it lacked covenants of LLC5 and BGI to ensure the flow of dividends to LLC5 to service the loan), the Tribunal stated (at paras. 75-76): Third-party covenants that were not given as part of or in support of the actual transaction cannot be considered to be part of the hypothetical transaction as this materially changes the surrounding circumstances and alters the economically relevant characteristics of the transactions in question. … [A]n independent lender would not have made a $4 billion loan to LLC5 without such covenants being in place and that important finding should itself have determined that there was no comparable arm’s length transaction. ...

In summarizing an ARQ submission, Kalichman JA stated (at para. 24): The ARQ places particular emphasis on s. 32(7) of the CCAA, which provides that parties, like the Suppliers, who suffer a loss in relation to disclaimed contracts, are considered to have provable claims. ...

The Court further found that the Court below had not erred in applying Vancouver Metal Arts to find that Boeckh was a trader or dealer in light of the following findings: A qualified investment professional (an experienced CFA) devoted himself full-time to managing Boeckh’s portfolio; The portfolio had what was considered to be a high turnover (of around 30%) and there was a high absolute number of transactions. ...

In 2020, the taxpayers requested that the ARQ reassess their 2020 taxation years on the same basis, pursuant to s. 1010.0.2 of the Taxation Act (Quebec), which provided: Notwithstanding the expiration of the time limits provided for in section 1010, where a taxpayer is the subject of an assessment or reassessment made under the Income Tax Act … the Minister may, within one year after the date of that assessment, redetermine the tax, interest and penalties payable by the taxpayer and make a reassessment for the sole purpose of taking into account elements that may be considered to relate to that assessment or reassessment. ...

CRA considered that the above agreement had the effect of constituting the Rémillard Brothers as de facto trustees of the trust, contrary to the trust deed and Art. 1275, so that the determinations to make the distributions pursuant to such unlawful agreement were a nullity, with the result that the distribution amounts were not “payable” as required by s. 104(6). ...

After also noting that the L.C. was issued pursuant to the agreement for the supply of aluminum to Sural and for invoicing Sural therefor, he concluded that the US$16 million should be considered as a partial payment of the unpaid Sural invoices, so that the ARQ position was confirmed. ...

In finding that that was the situation here, he indicated that: “the trustee's distributions had no impact on the rights of a beneficiary of the Trust who had or had not received a distribution” (para. 65); and although the taxpayer “had a right under the Trust to be considered by the trustee for any distribution on the same basis as the other beneficiaries … there is no reason to believe that anyone would have paid even a very small amount for [this right]” (para. 67); In also rejecting the taxpayer’s submission that the deeming by s. 107(2) of proceeds for the distributed property equal to its cost amount constituted the receipt of consideration for s. 160(1)(e) purposes, Gagnon J stated (at para. 79) that “[w]hen there is a transfer of value between two patrimonies, there is a transfer within the meaning of subsection 160(1)” and it was “hardly conceivable that the tax treatment of a transaction could interact with the notion of transfer contemplated by Parliament for the purposes of subsection 160(1)” (para. 80). ...

In Montour, Bourque, J. had found that s. 42 was constitutionally inapplicable to the Mohawks in that case, who had also failed to pay duty on tobacco products: by reason of the circumstances of the case before her warranting a departure from the framework developed in Van der Peet ([1996] 2 S.C.R. 507) in respect of Aboriginal rights- so that the applicants' participation in the tobacco trade should be considered protected by an Aboriginal right to freely trade; and by reason of an inferred meta-treaty (the Covenant Chain) having been unjustifiably breached by s. 42 because the Crown had not discussed tobacco-related issues with the Mohawks prior to the passage of the Excise Act. ...

. … The interpretation of the Trust Indenture which they [the petitioners] urge me to adopt is based on the same arguments that the Reassessment officer considered and rejected. ...