Quemont Mining Corp. Ltd. v. MNR, 66 DTC 5376, [1966] CTC 570 (Ex. Ct.), aff'd 70 DTC 6046 (SCC) -- summary under Non-Business-Income Tax

By services, 28 November, 2015

Cattanach J. stated respecting the word "profits" in Regulation 1201:

"I can see no justifiable reason for construing the word 'profits' as used in the Regulation in any sense different from the meaning attributed by authorities to that same word as used in the Income Tax Act."

The authorities defined "profits" as "the difference between the receipts from a business for the year and the expenses laid out to earn those receipts."

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Topic
Income Tax Act - s. 126(7) - Non-Business-Income Tax
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profits
d7 import status
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Node
Drupal 7 entity ID
333967
Extra import data
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