De Mond v. R., 99 DTC 893, [1999] 4 CTC 2007 (TCC) -- summary under Subsection 104(2)

A trust established by the taxpayer (apparently intended to be a revocable living trust for US tax purposes) was found to be a bare trust. After referring inter alia to the definition of Professor Waters of a "bare trust" as "a trust where the trustee or trustees hold property without any further duty to perform except to convey it to the beneficiary or beneficiaries upon demand," as well as to the narrower definition provided by Revenue Canada in Income Tax Technical News No. 7, Lamarre J noted that the taxpayer could cause the trust property to revert to him at any time, could exercise his power to revoke the trust whenever he wanted to, the trustee had no choice but to convey the property to him upon demand and in light of the fact that he was the settlor, the trustee and the beneficiary. Accordingly, losses arising from the trust property (a partnership interest) could be treated by him as personal deductions.