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I think that the normal sense of the word “material” (as it is of the French word “matière" used in the French version), is matter or substance considered as such as opposed to things made therefrom, and the normal sense of the word “consumed” (as it is of the word “consommé” in French) is destroyed, spent, used up. ... If the steel shot and grit are considered to be material rather than articles, it seems to me that it is as such, that is to say as material, that they must be consumed. ...

It is my understanding that in those circumstances, that is a part-time personal use of a yacht, the Minister of National Revenue considered that the. proper method of evaluating the benefit was by allocating operating costs. ... Indeed, the fair market rental for the duration of the sailing period, which the appellant's representative sought to have considered and calculated on the basis of a five-month period, is still higher than the amounts assessed by the Minister. ...

In considering whether farming, either alone or in combination with the practice of law, was a chief source during the relevant period a number of factors must be considered. ... Turning back to the Moldowan case, the Court considered the words “chief source”. ...

The fact that such development plans were interrupted by the expropriation and abandonment are by virtue of section 34 a factor to be considered in assessing what damages the Appellants may have suffered. ... Consequently, this amount should not be considered as income. For these reasons, the appeal is allowed in part and the matter referred back to the Minister to consider the $10,000 not as income but on account of capital. ...

In assessing the appellant for its 1973, 1974, 1975 and 1976 taxation years the Respondent proceeded, inter alia, on the following assumptions of fact: (a) The Appellant is controlled by Calvin Bullock New York Ltd; (b) Since 1933, the activities of the Appellant have been the following: — Sale of shares, on an exclusive right basis, in two mutual funds corporations ie Canadian Investment Funds Ltd and Agro Fund Ltd; and — in conjunction with Calvin Bullock New York Ltd it assists Canadian Investment Fund Ltd in the management of its funds; (c) Since at least 1961, the Appellant uses its business profits to purchase Canadian Government Bonds and treasury bills which he [sic] then sells; (d) These said bonds and bills are purchased at a discount generally one year before maturity and sold a few months before maturity as evidenced by the attached schedule to be taken as included herein; (e) The profits realized on the sale of such bonds have always been considered income by the Appellant; (f) In 1976, the Appellant purchased a US Treasury Bill bearing no interest and sold it eighteen (18) days later thereby realizing a profit of $2,732.00 and a further profit of $59,748.00 resulted from the increase in value of the US dollar in relation to the Canadian dollar during the period it held the bill; (g) The detail of the income derived from Canadian bonds and treasury bills and treated as active business income by the assessments is as follows: 1973 1974 1974 1975 1975 1976 1976 Interest on bonds and bills $48,086.00 $63,923.00 $60,998.00 $58,933.00 Interest on cash deposit 5,773.00 193.00 1,445.00 795.00 Profit (loss) on sale of bonds and bills (700.00) 20,450.00 8,500.00 18,700.00 (h) For the years mentioned the Appellant claimed the deduction of the following amounts as dividend refunds: 1972 — Nil (no dividends paid) 1973 —$11,667.00 1974 — $29,333.00 1975 — $22,893.09 1976 — $27,758.37 9. ... This intention to sell has been present for the last 20 years; 7. there was always the secondary intention of reselling on a short-term period due to the possibility of the devaluation of the Canadian dollar; 8. the gain under review was easily half the income from the distribution of shares; 9. in the past the type of gain under review has been reported in the appellant’s income tax returns as being income from a business; 10. according to the Tip Top Tailors Limited v MNR, [1957] CTC 309; 57 DTC 1232, the appellant’s gain is considered to be from its normal course of conduct, consequently, it is business income; 11. in the case of MNR v Roy Louis W Spencer, [1961] CTC 109; 61 DTC 1079, the buying and selling of mortgages came to them by reason of their practice as solicitors. ...

The appellant reported its gross investment income for the years in appeal pursuant to paragraph 138(9)(b) of the Income Tax Act (“Act”),* [1] as it read at the time, by including in income such portion of its gross investment income which it considered to be applicable to the carrying on by it of its insurance business in Canada. The portion of the appellant’s gross investment income which is considered applicable to the carrying on by it of its insurance business in Canada is determined in accordance with subsections 2401(2) and (3)f of the regulations to the Act, as they read at the time, and may be calculated by the following formula: Gross investment revenue for Canadian investment fund for the year the year from all specified X Value for the year of specified Canadian assets Canadian assets The terms “Canadian assets” and “specified Canadian assets” are defined in subparagraphs 2404(l)(b) and (b.l) of the regulations to the Act as follows: (b) “Canadian asset” of an insurer means non-segregated property of the insurer that is (12)(o)(ii) and (iv) for the period ending with the year shall be determined in accordance with prescribed rules and the aggregate of taxable dividends for the purposes of each of paragraphs 138(6)(a), 138(6)(b) and 208(2)(b) shall be determined in accordance with rules prescribed for the purposes of each of those paragraphs respectively. ...

Nor is there any dispute that a corporation and its shareholders are separate entities and should be so considered in applying the law to the facts of this appeal. ... In a very comprehensive review and analysis of the words “gifts to registered charities”, as interpreted by the Courts over the years, the learned Mr Justice Muldoon concluded that if the intent as well as the wording of subparagraph 110(l)(a)(i) of the Act are considered, as indeed they must, then the basic concept of the words “gifts” and “charities” must not be restricted in any way for tax purposes but should retain the full range of meaning which is ordinarily accorded them in all other contexts. ...

The following criteria should be considered: the profit and loss experience in past years, the taxpayer’s training, the taxpayer’s intended course of action, the capability of the venture as capitalized to show a profit after charging capital cost allowance. ... One concern I have is whether or not the appellant’s employment could be considered “sideline”. ...

While Mr McGough did use the income approach, the evidence was that the property had never been leased; leasing was not considered by Mr McGough as the highest and best use of the property; there was no leasing potential of the subject until 1982 when leasing was made possible by advertising that the property could be divided (Exhibit R-2). ... It appears clear from Mr Tan’s report that in applying the market data approach, adjustments had to be made to compensate for differing factors in the 13 comparables used, particularly to those which were considered by him as being the best comparables. ...

The loan definitely was made to pay for the new home, and the interest paid in payment of this loan cannot be considered for the purpose of earning income from a business or property in the sense of paragraphs 18(1)(a) and 20(1)(c). Rather, it must be considered as a personal expense which is not deductible in the computation of income. 5. ...