Capital Loss v. Loss

Cases

Procon Mining and Tunnelling Ltd. v. The King, 2024 FCA 1

The appellant, a mining contractor, subscribed for shares of two junior mining companies in connection with being awarded mine development work by...

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Newmont Canada Corporation v. Canada, 2012 DTC 5138 [at 7292], 2012 FCA 214

The taxpayer, a mining company, bought over $9 million of shares in, and made over $8 million in loans to, an exploration company ("Windarra"). ...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Onus testimony sufficient to "demolish" assumptions 159
Tax Topics - Income Tax Act - Section 12 - Subsection 12(1) - Paragraph 12(1)(c) allocation of all of debt settlement payment to principal rather than interest grounded a full bad debt claim for the "unpaid" interest 103
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(i) interest was bad as settlement proceeds not allocated to it 222

Magicuts Inc. v. Canada, 2001 DTC 5665, 2001 FCA 332

In order to strengthen the balance sheet of its U.S. subsidiary, the taxpayer contributed a trade receivable to the subsidiary, with the amount...

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Easton v. The Queen, 97 DTC 5464, [1998] 3 CTC 26 (FCA)

The two taxpayers, who transferred land inventory to a newly-incorporated corporation, guaranteed a bank loan to the corporation and, later, were...

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R. v. Mara Properties Ltd., 96 DTC 6309, [1996] 2 S.C.R. 161, [1996] 2 CTC 54

The taxpayer, which was in the business of developing and selling real estate, acquired, in an arm's length transaction and for a purchase price...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 88 - Subsection 88(1) inventory character flowed through to parent on wind-up 111

United News (Wholesalers) Ltd. v. The Queen, 94 DTC 6508, [1994] 2 CTC 180 (FCA)

Strayer J. found that the taxpayer, which was a distributor of books and magazines, made an advance of $252,000 to a company ("B/C") to finance an...

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Millford Development Ltd. v. The Queen, 93 DTC 5052, [1993] 1 CTC 169 (FCTD)

The taxpayer, a real estate developer, sold land on income account, taking back a mortgage for a portion of the sale price. In finding that a sale...

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The Queen v. Mandryk, 92 DTC 6329, [1992] 1 CTC 317 (FCA)

The taxpayer, who was a practising lawyer but also engaged in real estate transactions on income account, personally guaranteed bank loans to two...

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Easton v. The Queen, 92 DTC 6218, [1992] 1 CTC 334 (FCTD), aff'd 97 DTC 5464 (FCA)

In finding that the two individual taxpayers sustained capital losses as a result of their guarantee of bank loans made to corporations owned by...

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Flexi-Coil Ltd. v. The Queen, 92 DTC 6047, [1992] 1 CTC 245 (FCTD)

Loan advances and guarantees made by the taxpayer in favour of another corporation in which one of its principal shareholders had a substantial...

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Vine Estate v. The Queen, 89 DTC 5528, [1990] 1 CTC 18 (FCTD)

In finding that the taxpayer realized losses on income account on amounts advanced by him (and advanced on his behalf by another of his companies)...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 15 - Subsection 15(1) shareholder benefit where benefit on sister corp 195
Tax Topics - Income Tax Act - Section 80.4 - Subsection 80.4(2) 33

Morflot Freightliners Ltd. v. The Queen, 89 DTC 5182, [1989] 1 CTC 413 (FCTD)

The taxpayer, which acted as the North American agent for a Soviet shipping company in respect of the operation of the Soviet company's ships into...

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Le Bel v. The Queen, 87 DTC 5154, [1987] 1 CTC 259 (FCTD)

The taxpayer for many years had engaged in numerous transactions in the stock market, and on March 1, 1981 he severed his employment in order to...

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H.Y. Louie Co. Ltd. v. The Queen, 86 DTC 6228, [1986] 1 CTC 499 (FCTD)

The taxpayer, which was in the business of food preparation, advanced $200,000 in working capital to a company incorporated for the purpose of...

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Isaac Meisels Investments Ltd. v. The Queen, 85 DTC 5029, [1985] 1 CTC 9 (FCTD)

Advances of $101,000 made by a real-estate company to a subsidiary with a share capital of $100, for the purpose of enabling the subsidiary to...

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Factory Carpet Ltd. v. The Queen, 85 DTC 5464, [1985] 2 CTC 267 (FCTD)

The plaintiff established that it acquired shares of Bad Boy Limited with the intention of utilizing non-capital losses of Bad Boy, turning Bad...

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Saskatchewan Co-Operative Credit Society Ltd. v. The Queen, 84 DTC 6225, [1984] CTC 628 (FCTD), aff'd 85 DTC 5599 [1986] 1 CTC 53 (FCA)

As part of the refinancing of a company ("C1") that was in financial difficulty and to which the plaintiff had made substantial loans, the...

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The Queen v. Lalonde, 84 DTC 6159 (FCTD), aff'd 89 DTC 5286 (FCA)

Two doctors, who had never carried on a business of providing security or lending money, made interest-free advances to a non-profit corporation...

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The Queen v. Malone, 82 DTC 6130, [1982] CTC 145 (FCTD)

Since the bonuses paid by an incorporated securities dealer to its salesmen were proportional to the amount they had invested in the company,...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Tax Avoidance 41

Tamas v. The Queen, 81 DTC 5150, [1981] CTC 220 (FCTD)

Losses sustained by the taxpayer radiologist from the purchase and sale of silver futures were fully deductible. "[B]earing in mind that silver...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Futures/Forwards/Hedges individual's losses on silver futures trading on income account 81

Paco Corp. v. The Queen, 80 DTC 6328, [1980] CTC 409 (FCTD)

A Canadian company ("Paco") in the business of making and selling machinery used in the manufacture of concrete blocks helped found a small...

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Sher v. The Queen, 80 DTC 6095, [1980] CTC 168 (FCTD)

It was held that a securities sales representative who acquired shares in the holding company of a stock brokerage company, realized a capital...

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Chaffey v. MNR, 78 DTC 6167, [1978] CTC 293 (FCA)

The shareholders of a company ("Canadia") in a tourist attraction business made advances to it because they were confident that it would be...

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Frappier v. The Queen, 76 DTC 6066, [1976] CTC 85 (FCTD)

The taxpayer, who was a licensed investment dealer, made advances to her clients to cover their losses when the brokerage company for which she...

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The Queen v. Pollock Sokoloff Holdings Corp., 76 DTC 6181, [1976] CTC 349 (FCA)

An affiliate of the taxpayer made loans to an arm's length individual and then, in response to changes in the Quebec taxing statutes assigned, the...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(ii) loan must be made by taxpayer 126

MNR v. Kelvingrove Investments Ltd., 74 DTC 6357, [1974] CTC 450 (FCTD)

The taxpayer's business activities, after selling rental properties for $842,382 in cash, consisted of purchasing and selling gold futures,...

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The Queen v. Lavigueur, 73 DTC 5538, [1973] CTC 773 (FCTD)

It was found that the taxpayers in the course of their rental business made loans to their tenants in order to retain them as tenants. Substantial...

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The Queen v. F.H. Jones Tobacco Sales Co. Ltd., 73 DTC 5577, [1973] CTC 784 (FCTD)

The taxpayer, whose business was the processing of tobacco, guaranteed a loan to a tobacco distributor ("Tabacs Quebec"), the proceeds of which...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Substance 62

McLaws v. Minister of National Revenue, 72 DTC 6149, [1972] CTC 165, [1974] S.C.R. 887

When a corporation owned by the taxpayer was facing bankruptcy, the bank proposed to call its loans, but offered to extend additional credit to...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(c) guarantee obligation not borrowed money 119

Stewart & Morrison Ltd. v. Minister of National Revenue, 72 DTC 6049, [1972] CTC 73, [1974] S.C.R. 477

The taxpayer incorporated an American subsidiary to carry on its business in the U.S. and advanced the necessary funds for the subsidiary to carry...

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Minister of National Revenue v. Freud, 68 DTC 5279, [1968] CTC 438, [1969] S.C.R. 75

The taxpayer, who was a lawyer, organized and, with some friends, funded a U.S. corporation for the purpose of developing and promoting a series...

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Terminal Dock and Warehouse Co. Ltd. v. MNR, 68 DTC 5060, [1968] CTC 78 (Ex Ct), aff'd 68 DTC 5316 (SCC)

One of the activities of the taxpayer, whose main business was that of a dock and wharfage company, was to finance the purchase of shares in its...

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Minister of National Revenue v. Steer, 66 DTC 5481, [1966] CTC 731, [1967] S.C.R. 34

The taxpayer and his associate each received 1/4 of the shares of a petroleum company together with the royalty interest in consideration for...

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Frontenac Shoe Ltée v. MNR, 63 DTC 1129, [1963] CTC 181 (Ex Ct)

Amounts advanced by the taxpayer (which was a shoe manufacturer and retailer) to a supplier of leather that was in financial difficulty were not...

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See Also

Procon Mining & Tunnelling Ltd. v. The Queen, 2022 TCC 71, aff'd 2024 FCA 1

The taxpayer’s primary business activity was that of providing construction and other mining contract services. As an inducement to junior...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Shares shares which were acquired as part of a mining contract business were capital property 122

Panda Realty Ltd. v. MNR, 86 DTC 1266, [1986] 1 CTC 2417 (TCC)

The taxpayer was able to deduct a loss sustained from guaranteeing a loan to a tenant as it was provided in order to preserve an ongoing source of...

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MacDonald v. The Queen, 2017 TCC 157, rev'd 2018 FCA 128, which was aff'd in turn by 2020 SCC 6

An individual, whose career had included senior positions at a stock brokerage, and who had a significant long-term holding in common shares of a...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Futures/Forwards/Hedges “the law still requires a close linkage between the purported hedging instrument and the underlying asset” 565

Turner v. The Queen, 2016 TCC 77 (Informal Procedure)

The taxpayer, who was a professional engineer, invested heavily in the shares of one public company (“Central”) (as a result of investing more...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 54 - Adjusted Cost Base interest added to ACB 150

SRI Homes Inc. v. The Queen, 2014 DTC 1185 [at 3693], 2014 TCC 180

The taxpayer, whose business was the production and sale of manufactured homes, disposed of a number of assets to a related company, including...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Fair Market Value - Other full repayment of shareholder loan, subsequent to its sale for less than book value, was not anticipated 129

Prochuk v. The Queen, 2014 DTC 1050 [at 2917], 2014 TCC 17

The taxpayer, whose principal source of income was his RRSP, received distributions of $63,750 on an investment made outside his RRSP in a...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Business trading RRSP funds does not make the annuitant a trader 116
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Shares trading RRSP funds does not make the annuitant a trader 116

Mittal v. The Queen, 2013 DTC 1020 [at 106], 2012 TCC 417

C Miller J found that the taxpayer, an engineer by profession, was engaged in a business of stock trading and that his deduction of losses should...

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Zsebok v. The Queen, 2012 DTC 1127 [at 3145], 2012 TCC 99

Sheridan J. found that, on balance, the taxpayer's characterization of his share trading as an adventure in the nature of trade was correct and...

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Swain v. The Queen, 2012 DTC 1086 [at 2921], 2012 TCC 46

The taxpayers were unsuccessful in deducting as a loss the amount of a loan allegedly made by their law partnership to a corporation ("EM...

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Chronis v. The Queen, 2010 DTC 1188 [at 3441], 2010 TCC 218

Losses sustained by the taxpayer, when most of the property used by him in a business of selling pirated satellite television signals was seized...

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Hayter v. The Queen, 2010 DTC 1176 [at 3395], 2010 TCC 255

The taxpayer sustained a total loss with respect to a joint venture to buy laptops and resell them at a gain, given that a purported vendor of the...

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Krauss v. The Queen, 2009 DTC 1394 [at 2155], 2009 TCC 597

The taxpayer disposed of a development property to a wholly-owned corporation on capital account rather than as inventory given that her practice...

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Shaw-Almex Industries Limited v. The Queen, 2009 DTC 1377 [at 2080], 2009 TCC 538

The taxpayer obtained a guarantee of the obligations of a US-resident sister corporation ("Fusion") to a US bank for the purpose for the purpose...

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Words and Phrases
transaction

Valiant Cleaning Technology Inc. v. The Queen, 2008 DTC 5112, 2008 TCC 637

Substantial advances which the taxpayer made to a U.K. subsidiary were made because the taxpayer's customer (Ford Motor Company) was requiring the...

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Saskatchewan Wheat Pool v. The Queen, 2008 DTC 2520, 2008 TCC 8

A corporation ("MAALSA") that was jointly funded by the taxpayer and two other provincial wheat pools transferred vacant land held by it to the...

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Howard v. The Queen, 2008 DTC 2788, 2008 TCC 51

Losses which the taxpayer, who was the Vice-President (Finance) of a start-up company, realized on disposing of shares of that company, most of...

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Laramee v. The Queen, 2007 DTC 1723, 2007 TCC 635

The taxpayers invested directly in the shares of a real estate development company that was developing a golf course (and of a related corporation...

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Greenberg v. The Queen, 2007 DTC 124, 2006 TCC 608

The taxpayer, a lawyer, who followed a practice of lending to start-up private companies and receiving shares of the companies (generally a 50%...

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Hawa v. The Queen, 2007 DTC 28, 2006 TCC 612 (Informal Procedure)

The taxpayer, who in 2001 had made 151 purchases of stock in 16 companies, which were held for short periods of time, was found to be engaged in a...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Onus 103

Corvalan v. The Queen, 2006 DTC 2907, 2006 TCC 200

The taxpayer, who worked as a mining engineer for a junior exploration company, realized losses on capital account when he sold shares of his...

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Excell Duct Cleaning Inc. v. The Queen, 2006 DTC 2040, 2005 TCC 776

Sums which the taxpayer, a franchisor, advanced to another company ("991830") that was 2/3 owned by executives of the taxpayer and 1/3 owned by...

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Cathelle Inc. v. The Queen, 2005 DTC 858, 2005 TCC 360

Advances made by the taxpayer to its subsidiary to refinance receivables owing by the subsidiary to it were characterized as being made for the...

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Rajchgot v. The Queen, 2004 DTC 3090, 2004 TCC 548, aff'd 2005 DTC 5607, 2005 FCA 289

The taxpayer, who acquired shares of Tee-Com in 1995, 1996 and 1997 and disposed of the shares at a substantial loss in 1997, was found to have...

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Walchuk v. The Queen, 2003 DTC 2184, 2004 TCC 42

Before going on to find that a loss realized by a stockbroker on the insolvency of a partnership carrying on a restaurant business in Greece was...

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Smith v. The Queen, 2003 DTC 215 (TCC)

The taxpayer, who was a stockbroker, capitalized a holding company with shares and debt in order for the holding company, through a subsidiary, to...

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Grant v. The Queen, 2000 DTC 1985 (TCC) (Informal Procedure)

The promoters of limited partnerships were traders in real estate and sold properties to the partnerships with the intention that the partnerships...

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Williams Gold Refining Co. of Canada v. The Queen, 2000 DTC 1829 (TCC)

Debts owing by an affiliated company to the taxpayer that arose from the payment by the taxpayer of third-party expenses of the affiliate were...

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Magicuts Inc. v. The Queen, 98 DTC 2085, [1999] 1 CTC 2842 (TCC)

The Taxpayer's U.S. subsidiary developed over time a large balance owing to the taxpayer in respect of products and equipment sold by the taxpayer...

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Hamilton v. The Queen, 97 DTC 787, [1997] 1 CTC 2446 (TCC)

The taxpayer paid licence fees owing by a corporation of which he was a shareholder on an understanding that the corporation would reimburse him...

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Robertson v. The Queen, 97 DTC 449, [1996] 2 CTC 2269 (TCC)

A loss sustained by the taxpayer, the deputy chairman and the director of a public corporation, when he sold shares of the corporation...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 251 - Subsection 251(1) - Paragraph 251(1)(c) deputy chairman and director of public company dealt at arm's length with it 70
Tax Topics - Income Tax Act - Section 39 - Subsection 39(4) 36
Tax Topics - Statutory Interpretation - Interpretation Act - Section 32 s. 32 deals with departures from form rather than content 43

Campbell v. The Queen, 96 DTC 1221 (TCC)

In finding that the taxpayer realized a deductible loss on the sale by him of Saskatchewan Potash Corporation convertible bonds that the taxpayer...

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Fickes v. The Queen, 94 DTC 1969, [1994] 1 CTC 2884 (TCC)

A loss suffered by the taxpayer as a result of his guarantee of a bank loan made to a company in which he had a share investment, and related...

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Faucher v. The Queen, 94 DTC 1581, [1994] 2 CTC 2001 (TCC)

Lamarre Proulx, TCJ. accepted the taxpayer's evidence that he and other investors, who had capitalized a numbered company in order to indirectly...

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E.C.E. Group Ltd. v. MNR, 92 DTC 2019, [1992] 2 CTC 2376 (TCC)

Over a four-year period the taxpayer provided consulting services to a corporation partially-owned by it ("ADT") and included the fees in its...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 20 - Subsection 20(1) - Paragraph 20(1)(p) - Subparagraph 20(1)(p)(i) disposition before year end 116

Lawson v. Johnson Matthey plc, [1992] BTC 324 (HL)

The collapse of the taxpayer's currency trading and banking subsidiary would have effectively terminated the taxpayer's business (through a loss...

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Hill v. MNR, 91 DTC 1094, [1991] 2 CTC 2356 (TCC)

The taxpayer entered into an agreement with the corporation owned by him and his wife to be paid fees in full consideration for providing...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 169 105

K.J. Beamish Construction Co. Ltd. v. MNR, 90 DTC 1584, [1990] 2 CTC 2199 (TCC)

In finding that losses sustained on non-interest bearing advances made by the taxpayer to a real estate corporation of which the taxpayer was a...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Corporate/Separate Personality shareholder has no interest in corporation's assets 170
Tax Topics - General Concepts - Personality 119

Anglemont Estates Ltd. v. MNR, 88 DTC 1770, [1989] 1 CTC 2004 (TCC)

A corporation whose business included the development and sale of real property and the sale of accounts receivable realized a deductible loss...

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Gestion Louis Riel Inc. v. MNR, 85 DTC 550, [1985] 2 CTC 2211 (TCC)

An interest-free loan made by the taxpayer to an affiliated corporation that was in financial difficulty was found (without giving detailed...

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Guinea Airways Ltd. v. Federal Commissioner of Taxation (1949), 83 C.L.R. 584 (HC of A.)

A loss which an air transport company sustained when a large stock of spare parts (much greater than the annual quantity required for the...

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Administrative Policy

25 September 2012 Internal T.I. 2011-0409281I7 F - Papier commercial - Obligations XXXXXXXXXX

The corporate taxpayer, which was a portfolio manager, suspended transactions involving asset-backed commercial paper (ABCP) of its clients during...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 54 - Adjusted Cost Base acquiring client securities at the clients' cost rather than their lower FMV was reflected in portfolio manager's cost 162

29 July 2004 Internal T.I. 2003-0023761I7 F - Contrat de SWAP d'équité

In connection with its monetization of the shares of a corporation, the taxpayer transferred the shares of that corporation to a Newco...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition termination of equity swap contract entailed the disposition of property 67
Tax Topics - Income Tax Act - Section 40 - Subsection 40(1) - Paragraph 40(1)(a) - Subparagraph 40(1)(a)(i) swap termination payment could be deducted if it was incurred to make the disposition (the swap payment termination) 194
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Futures/Forwards/Hedges equity swap was to hedge the risk under a capital borrowing, so that loss on closing out the swap was on capital account 358

18 June 1993 T.I. (Tax Window, No. 32, p. 3, ¶2593)

The treatment outlined in IT-239R2 would apply to an indemnity payment made by shareholders of a bonded company to a bonding company, provided...

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31 July 1992 External T.I. 5-911918

If guarantee fees received by the guarantor are considered to be business income, it does not necessarily follow that any loss incurred by the...

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Articles

Dunbar, "Sale of Stock Plan Shares May Produce Fully-Deductible Loss", Taxation of Executive Compensation and Retirement, October 1991, p. 499.

Damages

Cases

McNeill v. The Queen, 2000 DTC 6211 (FCA)

After noting that the Tax Court had found that the taxpayer's objective in breaching these covenants was to keep his clients and his business,...

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Administrative Policy

2 November 2023 APFF Roundtable Q. 9, 2023-0982911C6 - APFF - Congrès 2023 - Table ronde sur la fiscalité

Madame Y made a cash purchase of a bitcoin on a central exchange platform in order that she could ultimately pay for items online. Subsequently,...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 54 - Proceeds of Disposition - Paragraph (b) damages for loss of bitcoin from fraud would be compensation for property unlawfully taken 94
Tax Topics - Income Tax Act - Section 54 - Personal-Use Property bitcoin to be used for online purchases is not personal-use property 82

Debt

See Also

Kallis v. The Queen, 2021 TCC 58

The taxpayer used funds that he had generated from a successful career in the oil and gas industry to make interest bearing loans to third...

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Leonard v. The Queen, 2021 TCC 33, rev'd 2022 FCA 195

Following default by a Hawaiian developer (“Anderson”) on mortgage debt owing by him to a U.S. bank on two adjoining lots (one, “Lot B-3,”...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) Court not bound by an erroneous admission by one of the parties 115
Tax Topics - Income Tax Act - Section 9 - Timing cost of mortgage debt acquired as adventure not deductible when expended 53
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition foreclosure proceedings resulted in disposition of the mortgage but not of the debt it had previously secured 471
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Disposition - Paragraph (b) - Subparagraph (b)(i) on a foreclosure, the taxpayer disposed of his mortgage, even though the debt it secured remained outstanding 429
Tax Topics - General Concepts - Evidence Manitoba law, being where the Tax Court hearing was held, was the lex fori governing the mortgage foreclosure proceeding at issue regarding a U.S. property 178

Hedges

Cases

MacDonald v. Canada, 2020 SCC 6

In 1997, an individual with a significant long-term holding in common shares of a public company (BNS) entered into a cash-settled forward which...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Purpose/Intention intention re forward contract determined on basis of objective linkage to hedged asset rather than testimony as to subjective purpose 335
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Futures/Forwards/Hedges cash-settled forward sales were a hedge of a shareholding notwithstanding their settlement without a corresponding share sale and a stated intention to speculate 654

The Queen v. Macdonald, 2018 FCA 128, aff'd 2020 SCC 6

An individual with a significant long-term holding in common shares of a public company (BNS) entered into a cash-settled forward which had the...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Futures/Forwards/Hedges cash-settled forward hedged bloc of shares irrespective of speculative intention 581