Canada (Attorney General) v. Ford Credit Canada Ltd., 2007 DTC 5431, 2007 FCA 225 -- summary under Subsection 181(3)

In finding that retractable preferred shares that the taxpayer had issued were not capital stock for purposes of s. 181.3(3)(b) because they were classified on its balance sheet as debt, Ryer J.A. rejected a submission on behalf of the Minister that "where a component of the capital of a corporation has an ordinary legal meaning, that meaning is to be given precedence" (para. 18) and that s. 181(3) required the use of GAAP as they were at the time that Part I.3 of the Act came into force in 1989.