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., 2019 SCC 63, [2019] 4 S.C.R. 559-- summary under Section 125 Summary Under Tax Topics- Other Legislation/Constitution- Constitution Act, 1867- Section 125 ETA taxes that would be borne by portfolio of which a Crown agent was legal owner would contravene s. 125 BCI was a B.C. ... In finding that such assessments would contravene s. 125 of the Constitution Act, 1867 but for the effect of Intergovernmental Agreements between B.C. and the federal government, Karakatsanis J first noted that such a contravention would require that “the subject matter of the tax must be property belonging to the federal Crown in the case of a tax imposed by the provincial legislature and to the provincial Crown in the case of a tax imposed by Parliament” (para. 68), before stating (at para. 76): BCI, as trustee, legally owns the assets held in the Portfolios. ...

Before going on to find that such assessments would contravene s. 125 of the Constitution Act, 1867 but for the effect of an Intergovernmental Agreement between B.C. and the federal government, Karakatsanis J stated (at paras. 62, 64): [I]t is not clear whether the PSPPA and the Regulation contain sufficient language to satisfy the three certainties. ...

Before going on to find that such assessments would contravene s. 125 of the Constitution Act, 1867 but for the effect of an Intergovernmental Agreement between B.C. and the federal government, Karakatsanis J stated (at paras. 56-57): Counsel emphasized that because the PSPPA and the Regulation state that the Portfolio assets are “held in trust,” the Portfolios must be treated as a trust for the purposes of the ETA. ...