Canadian Western Trust Company v. The King, 2024 FCA 108 -- summary under Evidence

The self-directed TFSA of a professional investment advisor was conceded by the TFSA to be carrying on a business of trading in qualified investments. After rejecting the TFSA’s position that the exemption from tax for an RRSP on business income from the disposition of qualified investments in s. 146(4)(b)) should be read into s. 146.2(6) given that the RRSP and TFSA regimes were “mirror images” of each other, Biringer JA found no reviewable error in the Tax Court’s refusal to admit “internal correspondence from 1969 between government officials concerning forthcoming changes to the RRSP regime” on the basis that it “was irrelevant to the statutory interpretation exercise at hand” (para. 15).