Search - considered

The registrant had taken the position that s. 141.01(5) supported the contention that the conversion of the property from personal to commercial use had to be considered at the end of the "fiscal year" based on its use of "throughout the year. ...

Revenue Quebec considered that the credit note had not been issued "within a reasonable time," as required by s. 232(3). ...

After stating (at para. 61) that "the issuance of an inflated tax receipt should not usually be considered a benefit that negates a gift," and that although "the appellants likely knew that they were claiming inflated tax credits... this is not a sufficient reason to deny the tax credits altogether" (para. 64), Woods J found that the taxpayers were eligible for credits based on 10% of the receipt amounts, and directed that any penalties be deleted. ...

In finding that the taxpayer received a benefit from employment in the year in which the warrants were transferred to him rather than in the subsequent year (following substantial appreciation in the value of the shares of the client) when he exercised those warrants, Ryer J.A. stated (at para. 21): "To summarize, Robertson may be considered to stand for the proposition that where, in the course of an employment relationship, an employee receives a right to acquire property from his or her employer upon the fulfilment of a condition or contingency, the receipt of that right will not constitute a paragraph 6(1)(a) benefit to the employee and such a benefit will not arise until the condition or contingency has been fulfilled. ...

The Queen, 2002 DTC 2110 (TCC)-- summary under Compensation Payments Summary Under Tax Topics- Income Tax Act- Section 9- Compensation Payments The taxpayer, which was a Canadian natural gas producer, received a lump sum as compensation for the losses it was considered to have suffered as a result of the cancellation of long-term natural gas supply contracts it had entered into with one purchaser ("A&S"), with the result that it thereafter was to sell its natural gas under short-term gas supply contracts and under a continuation of modified versions of existing sales arrangements. ...

For example, under section 2 of the Apportionment Act 1870, rents, annuities, dividends and other periodical payments may be considered as accruing from day to day, although they may be payable at longer intervals (In re Howell [1895] 1 QB 844); and a bequest of an "accruing dividend" carried the dividend for the period during which the death occurred, although the dividend was not declared until a later date (In re Lysaght [1898] 1 Ch 115). ...

" In response to a submission that there essentially should be no difference between acquiring contracts in the course of operations, and purchasing them from a third party, Noël J. stated (p. 5193) that where such contracts: "are acquired by an expenditure made in the process of purchasing a business with the consequent procurement of endurable benefits... such an expenditure must be considered not as part of the cost of carrying on a business, but as part of the cost in acquiring a business. ...

Furthermore, there was provision for the company to pay off the principal at any time after giving three months' notice, which indicated that notwithstanding the provision for repayment out of profits, the corporation considered there to be an immediate debt. ...

After rejecting (at p. 35) the fallacy that a benefit is "enduring" if it lasts for more than one year, Lord Reid found that the lump sum payments made by the taxpayer were capital expenditures in light of the term of the lease agreements (five years to twenty years) and because the transaction took the form of a lease and sublease, rather than a simple tie arrangement such as that considered in Bolam v. ...

In addition, in the case of the taxpayers who had positions at OBC and who alleged that they were members of the clergy who ministered to a congregation, OBC could not be considered to constitute a congregation "since on the evidence the institution was seen as representative of, and serving several denominations through its educational programs" and "moreover, faculty, staff and students, and clearly alumni, were encouraged or had relied upon their own denominational church congregations for their primary spiritual life" (pp. 6696-7). ...