In finding that airfare and hotel expenses incurred by an investment company to attend a general meeting of shareholders in connection with one of its share investments were non-deductible, CRA stated:
[T]he travel and living expenses incurred are not deductible to the corporation on the basis that, in our view, the expenses incurred by a shareholder of a corporation in attending the annual meeting constitute personal and living expenses within the meaning of paragraph 18(1)(h).