Cases
Desnomie v. Canada, 2000 DTC 6250 (FCA)
Rothstein J.A. applied (at p. 6256) the determination in Pioneer Laundry & Dry Cleaners Ltd. v. MNR, [1939] 4 DLR 481 (HL) that "in a taxing...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Separate Existence | corporate veil not pierced | 60 |
| Tax Topics - Other Legislation/Constitution - Federal - Indian Act - Section 87 | 51 |
Colbert v. The Queen, 94 DTC 6620, [1994] 2 CTC 345 (FCTD)
Before finding, on the evidence, that the taxpayer had transferred all the assets of his chicken farm business to a corporation other than the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Agency | shareholder generally does not carry on business of corporation | 138 |
| Tax Topics - General Concepts - Separate Existence | 138 | |
| Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Former Business Property | 60 |
The Queen v. Jennings, 94 DTC 6507, [1994] 2 CTC 106 (FCA)
In finding that losses of an incorporated farm business could not be deducted by the individual who had incorporated the business, Robertson J.A....
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Separate Existence | farm losses of corporation not those of shareholder | 87 |
The Queen v. MerBan Capital Corp. Ltd., 89 DTC 5404, [1989] 2 CTC 246 (FCA)
The taxpayer ("MerBan") in connection with a leveraged share acquisition arranged for borrowings to be made to two special purpose subsidiaries in...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Separate Existence | 112 | |
| Tax Topics - Income Tax Act - Section 167 - Subsection 167(5) | 52 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) | 34 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Financing Expenditures | guarantee fees paid respecting bank loans made to subsidiaries were capital expenditures | 207 |
| Tax Topics - Income Tax Act - Section 180 - Subsection 180(3) | 30 | |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) | payment under guarantee not re borrowed money | 177 |
| Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(e) | 157 |
Tobias v. The Queen, 78 DTC 6028, [1978] CTC 113 (FCTD)
"... I cannot accept the proposition that the Company carried on a hobby as agent for the plaintiff for to do so would be to disregard the very...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Onus | 42 | |
| Tax Topics - General Concepts - Separate Existence | 51 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Reasonable Expectation of Profit | 20 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(a) - Timing | 57 | |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense | 69 | |
| Tax Topics - Income Tax Act - Section 3 - Paragraph 3(a) - Business Source/Reasonable Expectation of Profit | 20 | |
| Tax Topics - Income Tax Act - Section 67 | high pay-off if unlikely prospect of success was achieved justified the expenditure | 91 |
Bank Voor Handel En Scheepvaart v. Slatford, [1951] 2 All E.R. 779
Devlin J. affirmed the principle that the assets of a company are not the assets of a shareholder and accepted as correct a statement by the...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Ownership | international principle that shareholder does not own corporate property | 116 |
See Also
K.J. Beamish Construction Co. Ltd. v. MNR, 90 DTC 1584, [1990] 2 CTC 2199 (TCC)
In light of the "fundamental principle laid down in Salomon v. A. Salomon and Company Limited, [1897] AC 22 that a corporation is regarded in law...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Corporate/Separate Personality | shareholder has no interest in corporation's assets | 170 |
| Tax Topics - Income Tax Act - Section 18 - Subsection 18(1) - Paragraph 18(1)(b) - Capital Loss v. Loss | 54 |
Articles
Perry, "Capitalization and Asset Acquisitions for New Private Corporations", 1993 Conference Report, C. 22
Discussion (at pp. 7-11) of the corporate veil.
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Corporate/Separate Personality | 10 |
Commentary
Since the time of the Salomon case it has been well established that a corporation is regarded in law as a legal entity with a personality of its...