Henley v. The Queen, 2006 DTC 3431, 2006 TCC 347, aff'd supra 2008 DTC 6017, 2007 FCA 370 -- summary under Paragraph 6(1)(a)

The taxpayer's employer ("Canaccord" - a broker dealer) was issued broker compensation warrants in connection with an equity treasury financing by a Canaccord client, and Canaccord allocated a portion of those warrants to the taxpayer as compensation for his employment services. Sheridan J. found that at the time of the allocation of the warrants by Canaccord to the taxpayer in September 1998, the warrants constituted property to which the taxpayer had an enforceable equitable right and that as at that moment, their dealings in respect of the warrants ceased to be that of employer and employee and became those of broker and client. On this basis and the fact that the benefit received by the employer at the time of the allocation to him of the warrants (namely, their in-the-money value of 1 cent per warrant) could be measured distinguished this case from the Robertson case. The taxpayer received a benefit from employment at the time of the allocation in September 1998, and was eligible for treatment under the option and capital gains provisions of the Act when the warrants were exercised in 2000 and he sold the underlying shares.