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Though the tenant inducement might well be considered reasonable within the meaning of section 67 of the Act, the reality is that the two partners have done no more than move a sum of money from one pocket to the other in the hope that they would reap the benefit of certain tax advantages. ... Thus, I am of the opinion that the agreement to pay the tenant inducement payment of $1.2 million was of no legal consequence and that it cannot be considered an outlay or expense made for the purpose of gaining or producing income within the meaning of paragraph 18(1)(a) of the Act. 20 Hindsight reveals that the tax strategy pursued by the taxpayers was doomed to failure once the decision was made to acquire and develop the lands through an agent and bare trustee rather than the conventional “holding” corporation. ...

Provisions annulling the right to terminate the policies and take the cash value before maturity were not required to be included in the policies to make them eligible to be registered, and therefore cannot be considered to be operative. 12 I shall assume for present purposes that counsel is correct in asserting that no such provision was required to be included in these policies to make them eligible for registration. ... Counsel did not refer me to any authority for the proposition that such a provision included in a policy of insurance without the specific concurrence of the policyholder, may be considered to be void, or in some other way inoperative. ...

A separate CRA official, not involved with the initial decision, has carefully considered the circumstances and facts of your case in relation to the Income Tax Act. ... If you become a non-resident of Canada, or are considered to be a non-resident for income tax purposes:- You will be allowed to keep your TFSA and you will not be taxed in Canada on any earnings in the account or on withdrawals from it- No TFSA contribution room will accrue for any year throughout which you are a non-resident of Canada- Any withdrawals made during the period that you were a non-resident will be added back to your TFSA contribution room in the following year, but will only be available if you re-establish your Canadian residency status for tax purposes. ...

Blain, who was the only witness called, he considered that a better diversification of investments was required so that, in the event of a stock market crisis, the Company would have an interest in another sphere of investment, such as real estate. ... Shares sometimes called growth stocks which, at the date of their purchase, are not on a dividend-paying basis, often form part of an investment company’s portfolio and are considered, for tax purposes, as investments, since they are susceptible not only of capital growth but also of producing income. ...

The only question remaining is whether the dogs constitute a part of what could be considered as 11 a business carried on for profit or with a reasonable expectation of profit” under Section 139(1) (ae) of the Act which defines ‘‘ Personal or Living Expenses” as follows: ‘“the expenses of properties maintained by any person for the use or benefit of the taxpayer or any person connected with the taxpayer... and not maintained in connection with a business carried on for profit or with a reasonable expectation of profit,” and, of course, if they are personal or living expenses they would not be deductible as such under Section 12(1) (h) of the Act which reads as follows: “In computing income, no deduction shall be made in respect of personal or living expenses of the taxpayer...” ... From all this, there seems to be but one conclusion which is that although this may not be a hobby in the ordinary sense of the word, 1.e., a favourite occupation pursued for amusement, it could well be considered, as in my opinion it is, an inordinate and unreasonable passion for the breeding of dogs. ...

Weinstein 138% 12,839.46 13⅕- Wilson Brothers. 134%, 12,339.46 13⅕- Posluns Brothers — 13% 12,339.46 13⅕- Ellendale Investments Limited 131/3 12,339.46 13⅕- Lewis, Marrus & Finkler 131/3 12,110.25 13⅕- TOTAL 100% — $92,316.76 The transaction with respect to the land was considered subsequently by the group as likely to be unsuccessful. ... What is the line which separates the two classes of cases may be difficult to define, and each case must be considered according to its facts; the question to be determined being— Is the sum of gain that has been made a mere enhancement of value by realizing a security, or is it a gain made in an operation of business in carrying out a scheme for profit-making? ...

The importance of the appellant’s contention becomes apparent when Section 20(1) of the Act is considered for if it were well founded the amount of the recapture of capital cost allowances on the disposition of its depreciable properties to be included in computing its income for its 1958 taxation year would be considerably less than if the election did not have the effect claimed for it. ... While he assumed that regulations made under Section 49 of the Act were to be ‘‘taken and read’’ as part of the Act he saw no difficulty in holding that in the case before him the regulation called Rule 48, in so far as it was inconsistent with Section 16, must give way; or, as it was perhaps better to put it, the regulation must be read as subject to an implied proviso that nothing in it should be considered to sanction a departure from Section 16. ...

In making the re-assessment, the Minister included in the computation of the appellant’s income a sum of $66,400 as the value of certain shares of Ponder Oils Limited to which the appellant became entitled in 1951 and which the Minister considered to be a receipt of an income nature. ... Moreover, the knowledge that they, after examining the prospects, considered the locations to have sufficient merit to warrant drilling rendered it unnecessary for the participants to incur the expense of obtaining expert opinions on their own as to the merits of the locations. ...

The word ‘‘derived’’ has been considered in a number of cases in this Court, including Wilson v. ... I can see no distinction for the present purpose between the meaning of the expression ‘‘income derived from mining’’, which was considered in the Gilhooly case, and that of ‘‘income derived from the operation of a mine’’. ...

Each case must be considered on its own facts to determine under which clause the transaction falls and, while there undoubtedly may be cases which may present considerable difficulty, the present is, in my opinion, not such a case, the circumstances affording a fairly clear indication of the side on which the transaction falls. ... Perry, [1934] A.C. 477, where the lack of the same historical background in similarly worded Ontario legislation was considered by the Privy Council to be an important difference between the two statutes. ...