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Continental Bank Leasing Corp V Canada
''Continental Bank Leasing Corp. v Canada'', 9982 SCR 298 is a partnership law and tax law decision of the Supreme Court of Canada where the Court validated a partnership arrangement which ran contrary to the Bank Act. A separate hearing, ''Continental Bank of Canada v Canada'' 9982 SCR 358, dealt with the related transactions that followed the creation of the partnership. Background Continental Bank, a banking corporation, decided to wrap up its operations in December 1986 by selling its assets and those of its subsidiaries. The buyer, Central Leasing Corp, agreed to purchase most of the leases in one of Continental Bank's fully owned subsidiaries, Continental Bank Leasing Co. Because the assets were depreciable, and Leasing Co would have to pay recaptured Capital Cost Allowance (CCA) on the leases upon selling them, the buyer proposed a partnership arrangement wherein Leasing Co could retain its deductible CCA. In the series of transactions, which occurred over a period of five ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partnership
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. History Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini, a merchant of Prato and Florence. The Covoni company (1336-40) and the Del Buono-Bencivenni company (1336-40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th centur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Law
Tax law or revenue law is an area of legal study in which public or sanctioned authorities, such as federal, state and municipal governments (as in the case of the US) use a body of rules and procedures (laws) to assess and collect taxes in a legal context. The rates and merits of the various taxes, imposed by the authorities, are attained via the political process inherent in these bodies of power, and not directly attributable to the actual domain of tax law itself. Tax law is part of public law. It covers the application of existing tax laws on individuals, entities and corporations, in areas where tax revenue is derived or levied, e.g. income tax, estate tax, business tax, employment/payroll tax, property tax, gift tax and exports/imports tax. There have been some arguments that consumer law is a better way to engage in large-scale redistribution than tax law because it does not necessitate legislation and can be more efficient, given the complexities of tax law. Major iss ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada
The Supreme Court of Canada (SCC; french: Cour suprême du Canada, CSC) is the Supreme court, highest court in the Court system of Canada, judicial system of Canada. It comprises List of Justices of the Supreme Court of Canada, nine justices, whose decisions are the ultimate application of Canadian law, and grants permission to between 40 and 75 litigants each year to appeal decisions rendered by provincial, territorial and federal Appeal, appellate courts. The Supreme Court is bijural, hearing cases from two major legal traditions (common law and Civil law (legal system), civil law) and bilingual, hearing cases in both Official bilingualism in Canada, official languages of Canada (English language, English and French language, French). The effects of any judicial decision on the common law, on the interpretation of statutes, or on any other application of law, can, in effect, be nullified by legislation, unless the particular decision of the court in question involves applicatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Partnership
A partnership is an arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or may be only governed by a contract. History Partnerships have a long history; they were already in use in medieval times in Europe and in the Middle East. According to a 2006 article, the first partnership was implemented in 1383 by Francesco di Marco Datini, a merchant of Prato and Florence. The Covoni company (1336-40) and the Del Buono-Bencivenni company (1336-40) have also been referred to as early partnerships, but they were not formal partnerships. In Europe, the partnerships contributed to the Commercial Revolution which started in the 13th centur ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Act (Canada)
The ''Bank Act'' (1991, c. 46) (the ''Act'') is an Act of Parliament, act of the Parliament of Canada respecting banks and banking. History The ''Bank Act'' was originally passed in 1871. The terms of the ''Act'' provide for a statutory review of the ''Act'' on a regular basis to ensure that legislators update the ''Act'' in order that it keep pace with developments in the financial system. Historically, this was done on a decennial basis. In 1992, this requirement was changed to every five years. The ''Act'' contains a "sunset" clause providing that it and the bank charters provided by it will expire unless the statutory review is conducted every five years. In 2016 the Federal Government proposed a 2 year extension to the review deadline. The most recent statutory review of the ''Act'' took place in 2019 with the next review scheduled for 2023. Credit unions In 2010, the Parliament of Canada passed amendments to the ''Act'' to allow Government of Canada, federal credit uni ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Continental Bank Of Canada
The Continental Bank of Canada is a chartered bank in Canada founded in 2013. A different bank operated under that name in the early 1980s. First Continental Bank The first Continental Bank had its origins in 1925 when the Industrial Acceptance Corporation was founded. It became IAC, a financing company, in 1970. Continental Bank of Canada was chartered in 1977 when IAC decided to expand the scope of operations, and began business in June 1979. It had its head office at 130 Adelaide St. West, Toronto. In 1981, it was Canada's ninth-largest bank with 70 branches across the country, and assets at June 30 of $1.6 billion. Also in that year, Continental Bank absorbed its parent company, IAC. In 1985, after a loss of depositor confidence and a run on deposits that affected several small banks, the bank received a line of Credit from the Bank of Canada. The bank and its remaining 55 branches were then acquired by Lloyds Bank Plc of the United Kingdom and became "Lloyds Bank Canada" in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Cost Allowance
Capital Cost Allowance (CCA) is the means by which Taxation in Canada, Canadian businesses may claim depreciation expense for calculating taxable income under the ''Income Tax Act'' (Canada). Similar allowances are in effect for calculating taxable income for provincial purposes. General rules for CCA calculation Capital property Capital property eligible for CCA excludes: * land * property the cost of which is deductible in computing the taxpayer's income * property that is described in the taxpayer's inventory * property that was not acquired for the purpose of gaining or producing income * property that was acquired by an expenditure in respect of which the taxpayer is allowed a deduction under section 37 * specified artwork and crafts acquired after November 12, 1981 * property that is a camp, yacht, lodge or golf course or facility acquired after December 31, 1974 if any outlay or expense for the use or maintenance of that property is not deductible by virtue of paragraph 18( ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Michel Bastarache
J. E. Michel Bastarache (born 1947) is a Canadian lawyer, businessman, and retired puisne justice on the Supreme Court of Canada. Early life and education Born in Quebec City on June 10, 1947, Bastarache earned his Bachelor of Arts degree from the Université de Moncton in 1967. He received a ''Licence d'études supérieures en droit public'' from the University of Nice in 1972. He received a Bachelor of Law degree from the University of Ottawa in 1978. He was called to the New Brunswick Bar in 1980, the Alberta Bar in 1985, and the Ontario Bar in 1986. Career From 1970 to 1971, he was a legal translator for the Province of New Brunswick. In 1973, he was the general secretary for the Société des Acadiens et Acadiennes du Nouveau-Brunswick. In 1974, he was the assistant to the president of Assumption Mutual Life, becoming director of sales in 1975, and vice-president of marketing in 1976. In 1978, he joined the Université de Moncton as a law professor and was dean of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Beverley McLachlin
Beverley Marian McLachlin (born September 7, 1943) is a Canadian jurist and author who served as the 17th chief justice of Canada from 2000 to 2017. She is the longest-serving chief justice in Canadian history and the first woman to hold the position. In July 2018, McLachlin began a three-year term as a non-permanent judge on the Hong Kong Court of Final Appeal, the first Canadian jurist nominated to the post. She was re-appointed for a second three-year term in 2021. Early life and education McLachlin was born Beverley Gietz in Pincher Creek, Alberta, the eldest child of Eleanora Marian (née Kruschell) and Ernest Gietz. Her parents, who were of German descent, were "fundamentalist Christians" of the Pentecostal Church. She received a B.A. and an M.A. in philosophy as well as an LL.B. degree (winning the gold medal as top student, and serving as notes editor of the ''Alberta Law Review'') from the University of Alberta. She was called to the bar of Alberta in 1969, and to th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
List Of Supreme Court Of Canada Cases (McLachlin Court)
This is a chronological list of notable cases decided by the Supreme Court of Canada from the appointment of Beverley McLachlin as Chief Justice of Canada to her retirement in 2017. 2000–2004 2005–2009 2010–2017 See also * List of notable Canadian Courts of Appeals cases A select number of decisions from the Courts of Appeal have proven to be the leading case law in a number of fields and have subsequently been adopted across all provinces, or else they are famous decisions in their own right. Most frequently the ... {{Supreme Court of Canada (2000-present) ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Supreme Court Of Canada Cases
The Supreme Court of Canada is the court of last resort and final appeal in Canada. Cases that are successfully appealed to the Court are generally of national importance. Once a case is decided the Court will publish written reasons for the decision that consist of one or more reasons from any number of the nine justices. Understanding the background of the cases, their reasons and the authorship can be important and insightful as each judge may have varying beliefs in legal theory and understanding. List of cases by Court era * List of Supreme Court of Canada cases (Richards Court through Fauteux Court): This list includes cases from the formation of the Court on April 8, 1875, through to the retirement of Gérald Fauteux on December 23, 1973. * List of Supreme Court of Canada cases (Laskin Court): This list includes cases from the rise of Bora Laskin through to his death on March 26, 1984. * List of Supreme Court of Canada cases (Dickson Court): This list includes cases from t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
