In finding that an agreement, under which in consideration for a payment of $4 million the taxpayer obtained certain rights and privileges to produce and take petroleum from lands, did not represent a loan, Cattanach J. stated (at p. 6368):
In finding that securities issued by a corporation that were referred to in various corporate documents as "preferred shares" and were evidenced by share certificates nonetheless represented secured loans made to the corporation for purposes of the Winding-up Act of Canada, Graham E. J. noted that a lien was placed on the assets of the corporation to secure the payment of the amounts advanced and the interest or "dividends" thereon, with a power of sale in case of default and the right to redeem on the part of the corporation within a fixed time.
A syndicate including the Canadian Deposit Insurance Corportion and six major Canadian banks agreed to provide financial support to Canadian Commercial Bank ("CCB") by advancing $255 million to CCB for undivided interests by way of participation in a portion of a portfolio of assets held by CCB, with the right to receive from CCB on a proportionate basis the money recovered on those assets as well as a specified percentage of CCB's pre-tax income, until such time as the money advanced had been repaid, and with the further right in certain circumstances to receive warrants to acquire treasur
The taxpayer, who was a residuary beneficiary and executor of his mother's estate, was held not to have received a benefit by virtue of an interest-free $400,000 loan made to him by the executors for the purpose of buying himself a home. Rouleau, J. was influenced by the fact that specific legislation dealing with interest-free loans (section 80.4) made no reference to loans made by a trust, and also noted (at p.
