Lavoie v. The Queen, 2009 DTC 998, 2009 TCC 293 (Informal Procedure), aff'd 2010 DTC 5171 [at 7303], 2010 FCA 266 -- summary under Subsection 146(10)

The OSC reached settlements with two mutual fund management companies, in respect of their conduct in overstating the net asset values of funds managed by them, which provided for the payments by the companies to unitholders of the mutual funds in question, including, in the case of registered retirement savings plans, payments directly to the unitholders. In finding that resulting funds received by the taxpayer were taxable benefits to him, Bowie, J. noted the broad meaning of the word "under" in the English version definition of "benefit" under s. 146(1), and stated (at para. 16) that "applying a surrogatum principle to the payments leads me to conclude that when the Appellant cashed the cheques and applied the funds to purposes other than restoring the value of the fund holdings in his RRSPs then those amounts fell to be treated as amounts received by him in the year as benefits out of or under his RRSPs ...".