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Robinette submitted that as the mortgages were bought to keep and not to sell, the transactions could not be considered as trading or as an adventure in the nature of trade. ... The mortgages in question bore what he considered a fair return on his investments. ... Peter Dixon & Son, Ltd., 25 T.C. 353, the Court of Appeal considered the nature of discounts and premiums received by the taxpayer from a subsidiary company which it had established in Finland. ...

In this respect the meaning of the expressions used both in Section 10(1) (c) and in Article V are thus narrower than that of the statutory provision considered in M.N.R. v. ... It read: “31. (1) For the purposes of this Act, a non-resident person’s taxable income earned in Canada for a taxation year is (a) his income for the year from all duties performed by him in Canada and all businesses carried on by him in Canada, 4 minus (b) the aggregate of such of the deductions from income permitted for determining taxable income as may reasonably be considered wholly applicable and of such part of any other of the said deductions as may reasonably be considered applicable.’’ ... The precise kind of trading to a British port, which exposed a foreign shipowner to British taxation, need not be considered here. ...

In the context and in accordance with the intention of the Excise Tax Act therefore, I believe that matrices must be considered as ""goods” within the meaning of Section 30 of that Act. ... The Board held that the word ‘‘materials’’ as used in Schedule III does not cover manufactured articles but refers to matter or substances considered as such, for example, metal, cloth, powders, pastes, etc. ... If a distinction. must be made therefore between the word ‘‘articles’’ and the word ‘‘materials’’ it would appear that the matrices in question should be considered as ‘‘articles’’ rather than ‘‘materials’’. ...

This is considered to be a most favourable situation, and your directors have given very close attention to the whole of the details over the past year. ... "Having carefully considered the position of your Company, your Directors feel that the past year can be regarded as one of progress, and perhaps the most successful year in the history of the Company. ... The line which separates the two classes of cases may be difficult to define, and each case must be considered according to its facts. ...

Acceptance of this argument would benefit the appellant only if the Board had not already considered its case under section 9(3) and if on the matter being referred to them they should advise that a departure from the capital-employed standard was justified. ... If the Board considered that a departure was justified, they were to determine the standard profits under section 5(3). ... The very wording of the reference shows that it was a reference for advice and action under section 5(3), if the Board considered that a departure from the capital standard was justified, and action under section 5(1), if they did not. ...

In the Halifax case, the Court considered and distinguished two judgments of the Judicial Committee of the Privy Council to which I shall now refer. ... In that case the Court considered the various powers delegated to the Commission and the control retained by the Minister of Transport. ... The powers and duties of the Board of Governors under The University Act, R.S.A. 1922, c. 56, were considered. ...

It is well settled that each case must be considered according to its facts. ... The particular tenant made on offer which the farm manager considered to be ridiculously low. ... Investment Co. and later to the appellants, which would then be considered. ...

As a result of this expropriation the portion left was insufficient for development for any of the purpose which they had considered and it was then sold. ... He considered himself to be the owner of the property and responsible for paying the mortgage on it and the balance of price due to the estate of Mrs. ... In this event in view of her subsequent dealings in real estate the profit on the disposal might perhaps have been considered as an adventure in the nature of trade insofar as she was concerned. ...

However, by the Minister’s Notification dated March 6, 1956, following the respondent’s Notice of Objection, it is stated: “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 agrees to amend the said assessment to reduce the taxpayer’s income by an amount of $2,000 in respect of second mortgages on property situated at East 8th Street and to allow an amount of $2,856.69 as a deduction from income under the provisions of paragraph (b) of subsection (1) of section 85B of the Act 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 profit on sale of houses has been correctly included in computing the taxpayer’s income in accordance with the provisions of paragraph (b) of subsection (1) of section 85B of the Act; that subsection (1) of section 24 of the Act is not applicable as the debt was not then payable’.” ... Subsection (1) was derived from subsection (11) of Section 3 of the income War Tax Act, which subsection was considered in the Himmen case (supra) where it was held that builders’ second mortgages fell within that subsection of the Income War Tax Act, and the taxpayer was entitled to have their real value ascertained as at the date they were acquired. ... The amount allowed as a reserve by the Minister is slightly more than 30 per cent of the net profit of the business as computed by him, and in my opinion, in the light of all the facts, it may well be considered as reasonable in every way. ...

By the assessment appealed from, the respondent included in the appellant’s income for its 1964 taxation year, for purposes of Part I of the Income Tax Act, an item of $669,900 as being “gain on sale of the Bellamy Hill land considered to be taxable income’’. ... However, I express that only as a tentative view because I do not think that I should decide, in the present case, any more than that there is a transaction in the trading business that ought to be considered. My decision is that the respondent erred in taking into profit the item under attack but that the evidence that establishes that error shows that there were possible profits or losses of another kind that should have been considered and that were omitted. ...