Words and Phrases - "take into account"

The taxpayer was successful in obtaining an order of mandamus directing the Minister to carry back a large capital loss it had reported in its 1988 income tax return to its three preceding taxation years. Revenue Canada then advised the taxpayer that it was reassessing those taxation years, but with no change to his taxable income for those years because the 1988 loss had been disallowed.

After first finding against the taxpayer on the ground that the Court had no jurisdiction to deal with the matter, Rothstein J. went on to indicate in light inter alia of the wording of s. 153(7) that the words "take into account" in s. 152(6) meant "to consider" rather than to "allow". Accordingly, the Minister was not obliged to allow the requested deduction.