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It is the production of oil or gas from a producing well that must be considered. ... Vallatt, to which further reference will be made later when the item of $19,992,588.33 of exploratory costs is considered. ... Macgregor considered to be related to Imperial Leduc 394 and Imperial Ledue 395, both producing wells. ...

Gilman, preserved all the characteristics of a personal corporation and I see no reason why it ought not to be considered as such. ...

He considered that in estimating the value of a security, it is customary to take four principal matters into account. ... He considered the earnings of Winley Limited very low in relation to the earnings to be expected from an investment company of its size. ... He considered these of doubtful quality; a large amount was in blocked sterling; there was inadequate diversification. ...

The suppliant heretofore and up until this case was never considered by the Minister of National Revenue to have “produced” or ‘‘manufactured’’ ‘‘goods’’ in Canada by reason of the polishing and cutting work it did in its shop on the marble imported into Canada before it incorporated the same into buildings in its role as building subcontractor. The said marble that the suppliant incorporated in the manner mentioned into buildings was never heretofore considered by the Minister of National Revenue as a building material within a specific definition of such in Schedule III to the Excise Tax Act and therefore the repealing of the exemptions from sales tax of certain ‘‘building materials’’ as defined in Schedule ITT by Section 6 of chapter 12 of the Statutes of Canada 1963 is irrelevant to the determination of the issue for decision in this case. ...

Consequently, Section 67(1) of the Act must be considered. It provides: “67. (1) The income of a personal corporation whether actually distributed or not shall be deemed to have been distributed to, and received by, the shareholders as a dividend on the last day of each taxation year of the corporation.” ... I have considered the decisions in Black v. M.N.R., [1932] Ex. C.R. 8; [1928-34] C.T.C. 82, and M.N.R. v. ...

To explain this addition, on March 5, 1951, the Minister addressed to the appellant with the notice of assessment a document known as Form T.7-W which reads partly as follows: "According to section 18 of the Income War Tax Act, the following amount received from Fine Silk Co. is considered as a dividend subject to tax: Total amount $26,500.00 1945 15,180.91 1946 11,319.09" Pursuant to the provisions of Section 69A of the Income War Tax Act, the appellant served upon the Minister a notice of objection on April 3, 1951, and on April 7 of the same year the appellant was notified by the Minister as follows: "WHEREAS the taxpayer was assessed for the income tax by Notice of Assessment in respect of the taxation year ended December 31st, 1946, AND WHEREAS by Notice of Objection the taxpayer has objected to the assessed tax for the reasons therein set forth, The Honourable the Minister of National Revenue having reconsidered the assessment and having considered the facts and reasons set forth in the Notice of Objection hereby notifies the taxpayer of his intention to amend the said assessment to increase the income by an amount of $15,180.91 in respect of advances from Fine Silk Company Limited and hereby confirms the said assessment in other respects as having been made in accordance with the provisions of the Act and in particular on the ground that the advance to the taxpayer by Fine Silk Company Limited has been deemed to be a dividend and taxed in his hands in accordance with the provisions of section 18 of the Act.’’ ...

Keeping in mind that evidence would be adduced to substantiate the facts, one could imagine situations and circumstances under which a shareholder could be considered as dealing at arm’s length with a corporation and this would render the section inapplicable. ... I would doubt also that the decision in this case would mean that any transaction between a corporation and any shareholder, even though he might own only one share, could be considered as a deal not at arm’s length. ...

., put the issue in dispute in this way: (see page 29 of Exhibit A. 3) As agreed during our interview on February 21st I am writing you regarding the claim of your client, British Pacific Life Insurance Company, that it should be considered a life insurance corporation for the purpose of Section 30 of the Income Tax Act. ... In practice, such a restricted interpretation has not been adopted but it is insisted that a company’s business be pre- dominantly life insurance before it may be considered to be covered by the term for tax purposes. ... T wish to acknowledge your letter of 31st August, 1964, with which you enclosed a memorandum dealing with the history of British Pacific Life Insurance Company and giving reasons why it is considered that the company should be regarded as a life insurance corporation under Section 30 of the Income Tax Act. ...

He also considered that all mortgages bore reasonable rates of interest, the majority at 6 per cent, with one or two at 514 per cent, two he thought at 614 per cent and one at 7 per cent. ... The multiplicity of transactions, in addition to confirming the foregoing conclusion is also a very strong factor, when considered together with other surrounding circumstances, in determining they were operations of business in carrying out a scheme of profit- making. ... The prospective borrowers or vendors of existing mortgages sought the appellant out and he was in a position to select those he considered most advantageous. ...

On his part, Kostyniuk testified that he felt an obligation to extricate the appellant because he considered it was at his persuasion the appellant bought this land. ... Nevertheless, I accept the appellant’s testimony that he considered this land satisfactory for his plan despite these disadvantages of which he was aware but felt them to be inconsequential. ... Furthermore the real estate agent also considered this land to be “hot”. ...