Webb JA found that the taxpayer was ineligible for dividend refunds for various years because it did not file the returns claiming the dividend refunds within three years of the taxation year ends in question. Webb JA then stated (at para. 6):
[S]ince the condition…has not been satisfied, there would not be any amount that would be a dividend refund for any of the taxation years 1997 to 2004… for the purposes of paragraph 129(3)(d)… .. Therefore, the refundable dividend tax on hand account balance of the Appellant is not reduced by the dividends that were paid during the 1997 to 2004 taxation years in relation to which no amounts were refunded under subsection 129(1)… .
See summary under s. 129(1).