Before referencing the meaning of “distribution” under provincial securities laws, Monaghan JA stated (at paras. 189, 190):
The Supreme Court tells us it is both appropriate and consistent with the modern principle of statutory interpretation to reference the broader commercial law to give meaning to words and expressions that have well-defined meanings outside of the Income Tax Act: Will-Kare Paving & Contracting Ltd. v. Canada, 2000 SCC 36, [2000] 1 S.C.R. 915 at paras. 31-33; Canada (Deputy Minister of National Revenue) v. Mattel Canada Inc., 2001 SCC 36, [2001] 2 S.C.R. 100 at paras. 57-59.
There is no dispute that the relevant commercial law here is provincial securities law.