Army & Navy Department Stores Ltd. v. Minister of National Revenue, 53 DTC 1185, [1953] CTC 293, [1953] 2 SCR 496 -- summary under Ownership

Whether a corporation (the Western Company) was related to its two equal corporate shareholders (the Alberta Company and the Saskatchewan Company) under s.36(4)(b)(iii) of the 1948 Act turned, in part, on whether the related individuals owning all the shares of the Alberta Company and the Saskatchewan Company were to be considered as “owning] directly or indirectly” the shares of the Western Company. This was found not to be the case, although this issue was only addressed directly in the concurring reasons of Cartwright J, who quoted with approval (at p. 511) the statement in Macaura v. Northern Assurance Company, [1925] A.C. 619 at 626 that “no shareholder has any right to any item of property owned by the company, for he has no legal or equitable interest therein.”