Dominion Taxicab Association v. Minister of National Revenue, 54 DTC 1020, [1954] CTC 34, [1954] S.C.R. 82 -- summary under Deposits

By services, 28 November, 2015

Taxi owners contracted with the taxpayer to pay the taxpayer $500 per taxi for the privilege of operating their taxis within the taxpayer's association. Rand J. (who concurred with the majority in allowing the taxpayer's appeal) held (at p. 1020) that the $500 contributions:

"were obviously to enable capital assets to be acquired and were limited in their application to that purpose."

Accordingly, those deposits were not income.

Topics and taglines
Topic
Income Tax Act - s. 9 - Capital Gain vs. Profit - Deposits
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Drupal 7 entity type
Node
Drupal 7 entity ID
339064
Extra import data
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