Gaumond v. The Queen, 2014 DTC 1024 [at at 98], 2014 TCC 339 (Informal Procedure) -- summary under Subsection 50(1)

By services, 28 November, 2015

The Canadian-controlled private corporation ("GMG") of which the taxpayer was the principal shareholder made a proposal in May 2011 under the Bankruptcy and Insolvency Act which, when accepted by its creditors, resulted in the interest–bearing unsecured debt owing by GMG to him being extinguished on 30 August 2011. In finding that the resulting capital loss to the taxpayer did not also qualify as a business investment loss ("BIL"), Lamarre J found that a BIL could not be recognized under the s. 50 branch of the definition as the debt was not owing to him at the end of 2011.

See summary under s. 39(1)(c).

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Topic
Income Tax Act - s. 50(1)
Tagline
s. 50 not available where debt settled in year
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Drupal 7 entity ID
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