Words and Phrases - "in the ... return"
Rezek v. Canada, 2005 DTC 5373, 2005 FCA 227
After confirming the Minister's position that the taxpayer and his wife were engaged in spread transactions as a partnership, and therefore that losses generated by the taxpayer could not be exclusively allocated to him (see summaries under ss. 96 and 248(1) - "property"), Rothstein JA found that s. 39(4) elections that were made with late-filed returns were valid.
The Minister unsuccessfully argued that the s. 150(1) requirement that returns be filed on 30 April of the year following the taxation year, and the s. 39(4) requirement that the election be made "in the taxpayer's return," established a 30 April deadline for the election. Rothstein JA stated (at para. 114):
Where the Act prescribes sanctions for late filing, those sanctions will apply. Where it does not, the Court will not read into the Act sanctions that do not appear.
Locations of other summaries | Wordcount | |
---|---|---|
Tax Topics - Income Tax Act - Section 171 - Subsection 171(1) | impermissible new theory | 45 |
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Property | spread comprising a convertible security and rights under short sale was not a single property | 129 |
Tax Topics - Income Tax Act - Section 39 - Subsection 39(4) | requirement to file election with return is satisfied even if return is late | 144 |
Tax Topics - Income Tax Act - Section 96 | spouse carrying on linked legs of integrated trading transactions | 204 |
Tax Topics - Statutory Interpretation - Resolving Ambiguity | 54 |