Norton v. The Queen, 2010 DTC 1068 [at at 2863], 2010 TCC 62 (Informal Procedure) -- summary under Improvements v. Repairs or Running Expense

By services, 28 November, 2015

The taxpayers were partners in a fishing business. Webb J. found that the taxpayers' costs to acquire new lobster traps and nets were a repair expense to the extent that they were acquired to replace worn or lost cages, and a capital expenditure to the extent that they replaced sold equipment or increased the taxpayers' equipment amounts above prior levels.

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Topic
Income Tax Act - s. 18(1)(b) - Capital Expenditure v. Expense - Improvements v. Repairs or Running Expense
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Drupal 7 entity type
Node
Drupal 7 entity ID
335618
Extra import data
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