Weaver v. Canada, 2008 DTC 6517, 2008 FCA 238 -- summary under Small Business Corporation

By services, 28 November, 2015

The taxpayers each owned 25% of the shares of a Canadian-controlled private corporation that leased manufactured homes on Indian-reserve lands that were leased to it. The corporation did not qualify as a small business corporation. In determining that the business of the corporation was a specified investment business, Sharlow, J.A. noted (at para. 26):

"The key question is whether the principal purpose of that business at that time was to derive income from property (such as rent). It is not relevant that [the corporation] carried on an active business before that time."

Topics and taglines
Topic
Income Tax Act - s. 248(1) - Small Business Corporation
Tagline
previous active business not relevant
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
337397
Extra import data
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