Point Grey Golf & Country Club v. Canada, 2000 DTC 6217 (FCA) -- summary under Subsection 149(5)

A golf club that qualified as a non-profit organization under s. 149(1)(l) was operating at a slight loss before it raised $4.2 million to help fund a building expansion. The interest earned on short-term high grade securities in which this money was invested before expended on the expansion was income from property (rather than income from a business) and, accordingly, was taxable under s. 149(5).