owner

An individual (Edward) was the holder and beneficial owner of substantially all the shares of the taxpayer and his father (Clarence) was the holder and beneficial owner of a substantial portion of the voting shares of a second corporation ("DeWalt"). In addition, Clarence held one share of the taxpayer on behalf of Edward, and Edward held one share of DeWalt on behalf of Clarence. In finding that Edward and Clarence did not "own" shares of both corporations for purposes of s. 36(4)(b)(iii) of the Act as it then read, Mr. Fordham stated (at p. 28):

The taxpayer was found to continue to be the beneficial owner of shares that he transferred to a protective trust of which he was the sole beneficiary and one of the three trustees. The trust deed provided broad powers of management to the trustees, accorded them the discretion to pay out income and capital to the taxpayer at any time and provided that the trust property was to be distributed no later than the 21st anniversary of the trust. Woods, J. noted (at para.