Baird v. Canada, 2010 DTC 5035 [at at 6653], 2010 FCA 35 -- summary under Shares

The taxpayer left the employment of his employer, a public corporation, in February 2000, exercised his employee stock options in December 2000, and sold those shares in March and April of 2001 and in March 2002 after they had declined in value. The Court of Appeal found no reason to interfere with the Tax Court's finding that the taxpayer (whose trading activities were limited) did not behave as a trader in relation to his shares. His losses were on capital account.