F.A.S. Seafood Producers Ltd. v. The Queen, 98 DTC 2034, [1998] 4 CTC 2794 (TCC) -- summary under Improvements v. Repairs or Running Expense

$150,000 paid for the acquisition of fishing licences by a company in the business of catching and selling fish was a capital expenditure. First, the licences were "a necessary foundation of a fishing business in the same way as a boat and nets or other tackle". Second, although the licences were only for a short term and had to be renewed annually, the "expectation of a long series of renewals in the future" represented an asset of an enduring nature (p. 2037).