Words and Phrases - "substantially advanced"
First Fund Genesis Corp. v. The Queen, 91 DTC 5361, [1991] 2 CTC 14 (FCTD)
After finding that s. 194(4.2) had retroactive effect to the date that the restriction was first announced on October 10, 1984 by the Minister of Finance, Joyal J. went on to find that the issuer ("Dell") had entered into arrangements that were "substantially advanced" by that date:
"By that date, Dell had already established the general but concrete framework within which it would proceed with the S.R.TC financing for its research projects. All that remained to work out were the finer details of exactly how much money would go where, who the S.R.TC investor would actually be and which aspects of its reseach program would be emphasized" (p. 5371).
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Statutory Interpretation - Interpretation Bulletins, etc. | 61 | |
| Tax Topics - Statutory Interpretation - Retroactivity/Retrospectivity | 67 |
Ainsworth Lumber Co. Ltd. v. The Queen, 2001 DTC 496 (TCC)
A project to utilize a timber resource to produce oriented strand board in Grande Prairie was found to be "substantially advanced" before February 22, 1994 given that before that date the taxpayer "had done an immense amount of work ... to put itself in a highly informed and highly equipped position to prepare and submit [after that date] what proved to be a winning bid" (p. 510). Bell T.C.J. noted (at p. 510) that the taxpayer "had clearly made much more than 'just nominal or insignificant progress' in the pursuit of its project" and that "the word 'substantially' does not have to be quantified by a percentage."