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I have indicated to the appellants’ counsel in the course of the argument, and I am satisfied from the questions that I put to the witnesses, that I should consider, and have considered, Mr Ledanyi and Mr Kent to be something less than active participants in this appeal but certainly also something less than independent witnesses. ... Also cited was the case of Hogan v MNR, 15 Tax ABC 1; 56 DTC 183, for the principle that it is the taxpayer who shall decide when a debt is to be considered bad. ...

Therefore, since no interest was legally due and payable to Banron, it follows that Banron could not include any accrued interest in computing its income. 27.0 Therefore, the conclusion in paragraph 20 of the appellant’s Notice of Appeals shall be upheld and the re-assessments vacated. 28.0 As an alternative and without prejudice of the above allegations, had the active debt due by The Banister not been sold by Banron to Ranches, any interest that would have then accrued to Banron would have been considered as a doubtful debt since in the light of the circumstances and the heavy losses sustained by The Banister, it would have been reasonable to set a reserve in an equal amount. ... As an alternative argument, the appellant submits that “had the active debt due by the Banister not been sold by Banron to Ranches, any interest that would have been accrued to Banron would have been considered as a doubtful debt since in the light of the circumstances and the heavy losses sustained, it would have been reasonable to set a reserve in an equal amount’’. 28. ...

You, of course, realize that any arrangements or negotiations made by you will ultimately need the approval of the Board of Directors and/or the Shareholders before they could be considered binding upon the Company.’ ... The Board of Directors of Motor Dealers Acceptance Company Ltd. considered the position of Mr. ...

In view of the foregoing, the Appellant, as at April 30, 1968, considered its investment in shares and loan to Experiment worthless, and wrote this investment off against other income earned in that year. 12. ... As the parties were agreed, and respondent accepted the amount of $472.75 as an allowable deduction, the appeal is allowed in part only on that item, and in toto for the other question considered. ...

It should be observed at this point that, all things considered, my approach to the solution of this appeal is going to be to regard Information Bulletin No 41 summarized above as the great mass of the iceberg referred to earlier of which the tip above the water is Article X of the Schedule to the Canada-New Zealand Income Tax Agreement. ... While the aforesaid Article X of the Schedule to the Canada-New Zealand Income Tax Agreement, quoted earlier, is couched in plain, simple language which does not appear to present any great problem of interpretation, it is not my intention to suggest what its correct interpretation should be for the purpose of disposing of this appeal on a peremptory basis because there is, obviously, a further essential matter to be considered which has been emphasized throughout these reasons, namely, the overt act of the Minister’s Deputy Minister in issuing Information Bulletin No 41 dated May 21, 1968 (published in the Canada Gazette of Saturday, June 1, 1968) on which the appellant definitely acted thereby changing his position and leaving himself vulnerable to the assessments imposed by the Minister under said Article X now under appeal by continuing to teach in Canada after August 26, 1970, the expiration date of his 24-month period computed from August 26, 1968, the day of his arrival in Canada. ...

., In order to arrive at a value of the subject land, Mr Eldred chose 7 out of 14 vacant land sales in Scarborough which he considered to be comparable to the subject land, taking into account the time of sale, location, size of the property, financial arrangements and the proximity to transportation facilities. ... The prices paid in each case were considered, and suitable adjustments on these prices were made for time of sale, location of comparables, size of parcel, financing, proximity of facilities, Shape and potential, and any other pertinent factors. ...

After considering the low gross income, small acreage and the fact that Mr Zavitz is employed full time, it is our conclusion that he cannot be considered to be farming with any reasonable expectation of a profit.” ... Although Mr Zavitz had considered himself to be farming in the years after inheriting the farm, in the earlier years he had not claimed the farm loss due to advice he had received then. ...

According to the. jurisprudence cited, the different items to be considered are inter alia, time spent, intent, capital committed, profitability of both actual and potential. ... Although the taxpayer was not a full time farmer, his farming activities could hardly be considered a hobby. ...

Although the ordinary meaning of “subsidiary controlled corporation” cannot be considered, it is important to add that the words of the given definition of the expression themselves must be construed in their ordinary meaning. ... However, the word there being considered was the word “controlled” as used in section 39(4)(b) of the Act. ... Company “B” with its 89 shares could not be considered within the exception. ...

In my opinion investment in movable or immovable property on a long-term basis cannot in general be considered to be a profit-producing business enterprise. ... All of the judgments generally affirm the proposition that each case must be considered in accordance with its relevant facts. ... In King George Hotels Limited decision, Mr Justice Smith then concluded that: “There was nothing in section 125 to justify a conclusion that a corporation whose entire income came from investment could not be considered as carrying on an active business when the making of investment was the very purpose for which it was incorporated.” ...