Cases
Canadian Imperial Bank of Commerce v. Canada, 2023 FCA 91
Regarding s. 39(2) deeming an FX capital loss to be from the disposition of foreign currency, Webb JA stated (at para. 34):
It could not have been...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 40 - Subsection 40(3.6) | s. 40(3.6) applied to deny an FX loss arising on shares | 352 |
| Tax Topics - Income Tax Act - Section 39 - Subsection 39(2) | s. 40(3.6) applied to capital loss on shares before it was deemed to be an FX loss by s. 39(2) | 323 |
| Tax Topics - Statutory Interpretation - Interpretation/Definition Provisions | deeming provision altered reality | 131 |
Fiducie financière Satoma v. Canada, 2018 FCA 74
A tax plan turned upon dividends that in fact were paid to a family trust (Satoma Trust) being attributed under s. 75(2) to a corporation...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(1) - Tax Benefit | tax benefit to trust from tax-free dividend even though not distributed to a beneficiary | 277 |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | using ss. 75(2) and 112(1) for tax-free dividends to trust thwarted s. 112(1) object to tax earnings when ultimately distributed | 319 |
| Tax Topics - Income Tax Act - Section 3 | pervasive rule that the same income is not to be taxed in 2 persons’ hands | 148 |
| Tax Topics - Income Tax Act - Section 112 - Subsection 112(1) | abusive to use s. 112(1) so as to avoid ultimate taxation of individuals | 180 |
| Tax Topics - Income Tax Act - Section 75 - Subsection 75(2) | use of s. 75(2) to access s. 112(1) deduction for dividend in fact received by family trust, was abusive | 286 |
| Tax Topics - Income Tax Act - Section 82 - Subsection 82(2) | s. 82(2) supports the primacy of s. 75(2) over the actual dividend recipient | 60 |
The King v. Henry K. Wampole & Co. Ltd., [1931] S.C.R. 494
S. 87(d) of the Special War Revenue Act, imposed tax on goods which were “for use by the manufacturer or producer and not for sale,” was found...
| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Excise Tax Act - Section 141.01 - Subsection 141.01(2) | “use” includes providing free samples | 150 |