The Toronto-Dominion Bank v. The Queen, 94 DTC 1261, [1994] 1 CTC 2615 (TCC) -- summary under Subsection 153(1.4)

Following default by a corporation, ("Mark Creek") in the repayment of indebtedness to a Bank, the Bank commenced foreclosure proceedings and, approximately 3½ months later, the Supreme Court of British Columbia approved the sale of the secured asset (an inn and related property) to a third party that assumed possession and took over the operations. Sarchuk TCJ. indicated that if Mark Creek had been entitled during the 3½ month period to expect the Bank to act in its interest in and for the purposes of their respective relationship, a fiduciary obligation upon the Bank would have arisen which would have brought the Bank within the ambit of ss.153(1.3) and (1.4), provided that the Bank was "controlling or otherwise dealing with the property, business ..." of Mark Creek and "authorized or caused a payment" referred to in s. 153(1). However, a review of the circumstances indicated that the Bank did not have substantial control over the affairs of Mark Creek, with the result that it was not liable for a failure of Mark Creek to withhold and remit source deductions during the 3½ month period.