Weaver v. Canada, 2008 DTC 6517, 2008 FCA 238 -- summary under Ownership

By services, 23 November, 2020

Before going on to find that testimony that the beneficial ownership of shares had been transferred in September rather than the later December date specified in the written agreement, Sharlow JA stated (at para. 13):

It is possible, as a matter of law, for the beneficial ownership of property to be transferred by means of an oral agreement, and it is also possible for the transfer of the beneficial ownership of property to precede the transfer of legal title (see, for example, Lysaght v. Edwards (1876), 2 Ch. D. 499, Martin Commercial Fueling Inc. v. Virtanen (1997), 144 D.L.R. (4th) 290 (B.C.C.A.)). When that occurs, the disposition of the property for income tax purposes is generally the earlier date.

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Topic
General Concepts - Ownership
Tagline
beneficial ownership can be transferred orally before date of written agreement
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