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Supreme Court of Canada

Taxation—Tax on paid-up capital—Bank loans and accounts payable to affiliated companies not to be included in calculation of company’s paid-up capital—Corporation Capital Tax Act, 1973 (B.C.), c. 24, s. 11.

APPEAL and CROSS-APPEAL from a judgment of the Court of Appeal for British Columbia[1], allowing in part the respondent’s appeal from the judgment of Fulton J.[2], who had allowed the appellant’s appeal from a decision of the Minister under the Corporation Capital Tax Act. Appeal allowed and cross-appeal dismissed.

B.J. Wallace, for the appellant.

J.I. Bird, Q.C., and R. Macfarlane, for the respondent.

The judgment of the Court was delivered by

RITCHIE J.—I would allow this appeal and adopt the reasons for judgment delivered by Mr. Justice Fulton at trial.

The cross-appeal is dismissed with costs.

The appellant is entitled to its costs of the appeal both in this Court and the Court of Appeal.

Judgment accordingly.

Solicitors for the appellant: Lawson, Lundell, Lawson & McIntosh, Vancouver.

Solicitors for the respondent: Owen, Bird, Vancouver.


[1] [1977] 2 W.W.R. 673.

[2] [1976] 3 W.W.R. 519.

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