Canadian Imperial Bank of Commerce v. Canada, 2023 FCA 91 -- summary under Double Taxation/Deduction (Presumption Against)

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 intended that a taxpayer would have been entitled to two deductions for an allowable capital loss on the disposition of a particular property – one related to the disposition of the property actually disposed of and the other related to the deemed capital loss from the disposition of foreign currency.