Before going on to find that the purchase by the taxpayer (with others) of a non-exclusive, limited-use day-trading licence was the acquisition of a tax shelter in light of statements contained in a legal opinion provided to him by selling agents that the cost of the licence would be depreciable over two years, Ryer J.A. indicated (at para. 42) that the use of the word "represented" in subparagraph (a)(i) "is intended to do no more than convey the notion that the amount that is the subject matter of the statements or representations contemplated by the opening portion of the definitions has been made known to the prospective purchasers of the property in question. To that extent, words such as communicated or announced could also be used ... ." and (at para. 44) that it would be reasonable to conclude that the persons who must have made the statements or representations referred to in the definition must each be a person who is a promoter, as defined in s. 237.1(1).
Evans, J.A. added (at para. 66) that he did not wish to "preclude the possibility that there may be circumstances in which property can be found to be a 'tax shelter' even though representations have not been made, provided that the promotor proposes to make them".