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Addy, J, in his considered judgment, elaborates on the subject of “interest” and “guarantee” and the nature of a payment made by a guarantor to a creditor when the principal debtor is in default. ... Brebner [1967] 1 All E.R. 779 by Lord Upjohn at page 784, as follows: “My Lords, I would conclude my judgment by saying only that, when the question of carrying out a genuine commercial transaction, as this was, is considered, the fact that there are two ways of carrying it out — one by paying the maximum amount of tax, the other by paying no, or much less, tax — it would be quite wrong as a necessary consequence to draw the inference that in adopting the latter course one of the main objects is for the purposes of the section, avoidance of tax. ...

. […]   [7]               Of particular importance to the present case is the Court’s caution in the second half of paragraph 55 that:   […] although the reasonable expectation of profit is a factor to be considered at this stage, it is not the only factor, nor is it conclusive. ... It is against this factual backdrop that the Appellant’s conduct in the face of losses must be considered. ...

Over the luncheon adjournment counsel for the Crown considered his position. ... The Queen, supra, the Supreme Court of Canada considered the admissibility of excerpts from original tape recordings. ...

   (2)      For the purposes of this section and Part XI, a distribution by a particular corporation that is received by a taxpayer is an eligible distribution if (a)         the distribution is with respect to all of the taxpayer's common shares of the capital stock of the particular corporation (in this section referred to as the "original shares"); (b)         the distribution consists solely of common shares of the capital stock of another corporation that were owned by the particular corporation immediately before their distribution to the taxpayer (in this section referred to as the "spin-off shares"); (c)         in the case of a distribution that is not prescribed, (i)          at the time of the distribution, both corporations are resident in the United States and were never resident in Canada, (ii)         at the time of the distribution, the shares of the class that includes the original shares are widely held and actively traded on a prescribed stock exchange in the United States, and (iii)        under the United States Internal Revenue Code applicable to the distribution, the shareholders of the particular corporation who are resident in the United States are not taxable in respect of the distribution; (d)         in the case of a distribution that is prescribed, (i)          at the time of the distribution, both corporations are resident in the same country, other than the United States, with which Canada has a tax treaty (in this section referred to as the "foreign country") and were never resident in Canada, (ii)         at the time of the distribution, the shares of the class that includes the original shares are widely held and actively traded on a prescribed stock exchange, (iii)        under the law of the foreign country, those shareholders of the particular corporation who are resident in that country are not taxable in respect of the distribution, and (iv)        the distribution is prescribed subject to such terms and conditions as are considered appropriate in the circumstances; (e)         before the end of the sixth month following the day on which the particular corporation first distributes a spin-off share in respect of the distribution, the particular corporation provides to the Minister information satisfactory to the Minister... ... America Movil did, but how can a share issued to someone who is not a shareholder until the issuance of the share be considered a dividend? ...

If the [Canada Revenue Agency] accepts a disclosure as having met the conditions set out in this policy, it will be considered a valid disclosure and the taxpayer will not be charged penalties or prosecuted with respect to the disclosure. … 17. ... Costs will be the subject of a separate judgment to be issued after the submissions are received and considered. ...

It should be noted that Helcor was carrying on a business at the time it was dissolved for failure to file its annual returns and that it continued to do so despite its dissolution for what was considered a relatively minor violation of The Corporations Act. ... Counsel for the appellant also refers to certain decisions advocating that economic realities be considered. ...

If, on the other hand, they constitute a financial lease or a conditional sales agreement, then the assets may be considered part of the inventory of the appellant and since there is loss of value, depreciation of such loss of value could be claimed each year by Tri-Star in the computation of its income. ... They concluded that rather than have London Photocopy deal with an unrelated leasing company a more productive arrangement should be considered, henceforth Tri-Star. ...

  [6]      Paragraph 118.2(2)(n) of the Act stipulates as follows:   118.2(2)           For the purposes of subsection (1), a medical expense of an individual is an amount paid                         (n)        for drugs, medicaments or other preparations or substances (other than those described in paragraph (k)) manufactured, sold or represented for use in the diagnosis, treatment or prevention of a disease, disorder, abnormal physical state, or the symptoms thereof or in restoring, correcting or modifying an organic function, purchased for use by the patient as prescribed by a medical practitioner or dentist and as recorded by a pharmacist;                                                   (emphasis added)   This statutory provision sets out three criteria for a drug or other medicament to be considered an eligible medical expense under paragraph 118.2(2)(n). ...       [7]      The meaning of “as recorded by a pharmacist” was considered by the Federal Court of Appeal in Ray v. ...

  [7]                The capital of a financial institution, other than an insurance corporation, for a taxation year is determined under paragraph 181.3(3)(a) to be the amount by which the total of three amounts, determined at the end of the year, namely (a)        the amount of its long-term debt, as defined in subsection 181(1),(subparagraph 181.3(3)(a)(i)); (b)        the amount of its capital stock, retained earnings, contributed surplus and any other surpluses, (subparagraph 181.3(3)(a)(ii)); and (c)        the amount of its reserves, as defined in subsection 181(1), for the year, except to the extent that they were deducted in computing its income under Part I of the ITA for the year, (subparagraph 181.3(3)(a)(iii)) exceeds the total of three other amounts, namely (d)        the amount of its deferred tax debit balance at the end of the year, (subparagraph 181.3(3)(a)(iv)); (e)        the amount of any deficit deducted in computing its shareholders’ equity at the end of the year, (subparagraph 181.3(3)(a)(v)); and (f)         any amount deducted under subsection 130.1(1) or 137(2) in computing its income under Part I of the ITA for the year, to the extent that the amount can reasonably be considered to have been included in any amount referred to in any of paragraphs (a), (b) or (c) of this paragraph ... Moreover, each of those decisions considered a situation in which the particular amount in issue had been reflected in the balance sheet of the particular taxpayer who nonetheless argued for the exclusion of that amount from tax under Part I.3 of the ITA ...

At the second level, she reviewed and considered all of the information and submissions available and referred to the Guidelines in the exercise of her discretion. ... Rather, the second level decision letter, supported by the second level Fact Sheet, shows that the Minister’s delegate considered all of Toastmaster’s submissions and explanations but found them to be wanting. ...