Richer v. The Queen, 2009 DTC 1413, 2009 TCC 394 -- summary under Subsection 80(5)

After finding that various other provisions subsequent to ss.80(3) and (4) applied only if the taxpayer chose to utilize them, Jorré, J. found that the remaining balance of the forgiven amount after being applied under ss.80(3) and (4) was to be included (as to 1/2 thereof) in the taxpayer's income, as the taxpayer had not made such a designation. Accordingly, there was an inclusion in a statute-barred taxation year of the taxpayer, and the undepreciated capital costs of depreciable property of the taxpayer was not reduced.