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A.G. of Canada, 2015 QCCA 837-- summary under Rectification & Rescission Summary Under Tax Topics- General Concepts- Rectification & Rescission thin cap issues were not considered at time of paying a dividend The appellant, which was a wholly-owned Ontario subsidiary of a Quebec corporation ("CTI"), paid a $136 million dividend to CTI in connection with a "Quebec shuffle" transaction. ...

Borins J.A. found that at the time the account was set-up the taxpayer had a statutory obligation which "was to be considered as subsisting until satisfied, or an event occurred which resulted in its termination" (p. 619) and that "where a taxpayer has incurred a liability in a taxation year, and has placed money into an account to enable it to fulfill the liability, uncertainty surrounding the amount which will ultimately be paid will not per se result in the liabilities being classed as contingent" (p. 621). ...

The patrimony tax was not creditable as an income tax or a tax in lieu of an income tax for purposes of s. 131 of the Internal Revenue Code of 1939 because, separately considered, it was really a tax on property and resulted in a levy upon the net value of the taxpayer's assets which would include any unrealized appreciation of such value, it was computed separately from the income tax, and a taxpayer could be liable for patrimony tax in a year in which the taxpayer had no revenue and was not liable for income tax. ...

" He went on to indicate (at p. 153) that under English law, where A and B are the partners in partnership X, and X and another person (C) form another partnership, partnership Y, A and B are considered to be partners in partnership Y in their capacity as members of partnership X. ...

" He went on to indicate (at p. 153) that under English law, where A and B are the partners in partnership X, and X and another person (C) form another partnership, partnership Y, A and B are considered to be partners in partnership Y in their capacity as members of partnership X. ...

" He went on to indicate (at p. 153) that under English law, where A and B are the partners in partnership X, and X and another person (C) form another partnership, partnership Y, A and B are considered to be partners in partnership Y in their capacity as members of partnership X. ...

The applicant sought an order to effect a retroactive issuance of shares (of an unspecified number, and apparently of the same class) to Fidelity National (apparently so that Fidelity National would be considered to have received some or all of the payment as a paid-up capital distribution on those shares). ...

In deciding the true nature of the 'discount' or premium, in so far as it is not conclusively determined by the contract, the following matters together with any other relevant circumstances are important to be considered, viz., the term of the loan, the rate of interest expressly stipulated for, the nature of the capital risk, the extent to which, if at all, the parties expressly took or may reasonably be supposed to have taken the capital risk into account in fixing the terms of the contract. ...

Especially must this be so where the chattels being considered are subject to wear and tear through use … In my opinion the word “permanent”, as used by King J. should be interpreted for the purposes of this appeal as indicating the object of having the carpeting remain where it is so long as it serves its purpose. ...

Consequently, technical services fees (which were deemed royalties) earned by Satyam, which in the absence of the Treaty would have been considered to not arise in Australia so that they would not have been subject to Australian income tax under the approximate Australian equivalent of ITA s. 115, were now deemed for the purposes of that provision to arise in Australia and to therefore be subject to Australian income tax. ...