The Minister assessed the appellant trust company under s. 116(5) for its failure to withhold from the purchase price paid by self-directed RRSP trusts for which it was trustee from the purchase price for shares, which were taxable Canadian property, acquired from non-resident vendors (without s. 116 certificates being received). In responding affirmatively to a Rule 58 question as to whether the appellant was a purchaser under s. 116(5), Bocock J stated (at para. 31):
While use, benefit and enjoyment arising from the shares were exclusively reserved for the Annuitant, the trust and related RRSP plan documents bifurcated the other incidents of ownership and delivered possession, title and management of that very property to Olympia, as trustee. …[N]o relevant party desired to have the Annuitant be the party from whom the purchase moneys were advanced (this would have involved an RRSP withdrawal)… .