Words and Phrases - "series of transactions"
Cameco Corporation v. The Queen, 2018 TCC 195, aff'd 2020 FCA 112
"series" concept narrowly interpreted to permit comparison with arm's length transactions
Owen J found (at para. 704) that the concept of a “series” under s. 247(2) should be interpreted narrowly, stating:
To allow for a meaningful...
Words and Phrases
series of transactions| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 247 - New - Subsection 247(2) | having a Swiss/Lux subsidiary enter into long-term purchase contracts at a somewhat fixed price with third parties and the taxpayer did not engage s. 247(2) | 708 |
| Tax Topics - General Concepts - Sham | transactions that were not factually misrepresented were not a sham | 254 |
| Tax Topics - Income Tax Act - Section 247 - New - Subsection 247(1) - Transaction | meaning of "arrangement" and "event" | 153 |
Craven v. White, [1988] BTC 268 (HL)
a series if no real likelihood that the successive transactions will not occur
Lord Jauncey stated:
"If it were appropriate to prepare a formula defining 'composite transaction' in the light of the passages in the speeches in...
Words and Phrases
series of transactions| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - General Concepts - Tax Avoidance | 203 |
Lipson v. Canada, 2007 DTC 5172, 2007 FCA 113, aff'd 2009 DTC 5015 [at 5528], 2009 SCC 1
pre-ordained transactions were a series
The taxpayer's wife ("Jordanna") borrowed $562,500 from the Bank of Montreal under an interest-bearing demand promissory note in order to purchase...
Words and Phrases
series of transactionsOSFC Holdings Ltd. v. Canada, 2001 DTC 5471, 2001 FCA 260
s. 248(10) assimilates a subsequent transaction to a common-law series if it has some connection with the series and is completed in contemplation thereof
Rothstein JA found that transactions that had the effect of transferring properties with accrued losses to a partnership were a “common law”...
Words and Phrases
series of transactions| Locations of other summaries | Wordcount | |
|---|---|---|
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(3) | significant disparity between tax benefit and commercial return from transaction | 263 |
| Tax Topics - Income Tax Act - Section 245 - Subsection 245(4) | policy against corporate loss trading | 229 |
| Tax Topics - Statutory Interpretation - Interpretation Bulletins, etc. | 70 | |
| Tax Topics - Statutory Interpretation - Interpretation/Definition Provisions | deeming v. definition provisions | 46 |