Langhammer v. The Queen, 2001 DTC 45 (TCC) -- summary under Subsection 18(6)

Before going on to find that losses sustained by the taxpayer after investing in bonds of a condominium development were deductible under s. 20(1)(p)(ii) on the basis that the bonds were purchased in the course of carrying on a money lending business, Rip T.C.J. stated (at p. 52) that it had been recognized that "a debenture could be part of the portfolio held by a person carrying on the business of lending money; and that "debentures, bonds and term deposits are loans".