Words and Phrases - "carrying on business"

a
88
b
44
c
81
d
55
e
40
f
31
g
20
h
15
i
75
j
2
k
2
l
32
m
57
n
26
o
38
p
81
q
3
r
78
s
92
t
47
u
16
v
10
w
23
y
2

Friesen v. Canada, 95 DTC 5551, [1995] 3 S.C.R. 103

Summary Under
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Business
s. 10(1) applied to an adventure in the nature of trade even if that deemed business was not “carried on”

In finding that a decline in the value of a property that was held as an adventure in the nature of trade and not as stock-in-trade of a real estate trading business qualified as inventory whose decline in value could be deducted in computing income under s. 10(1), Major J first noted that, as per Bailey, the concept of carrying on business "involves continuity of time or operations such as is involved in the ordinary sense of a `business'," ad then stated (at para. 55):

I do not accept the argument that s. 10(1) applies only to those who "carry on a business".

Words and Phrases
carrying on business
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 10 - Subsection 10(1) loss recognized on decline in value of land held as an adventure 142
Tax Topics - Income Tax Act - Section 248 - Subsection 248(1) - Inventory property held in an adventure was inventory 83
Tax Topics - Income Tax Act - Section 9 - Capital Gain vs. Profit - Real Estate undeveloped land held in speculative venture 142
Tax Topics - Statutory Interpretation - Certainty clear language and detailed provisions not to be qualified by unexpressed exceptions derived from views as to a provision's purpose 97
Tax Topics - Statutory Interpretation - Drafting Style 95
Tax Topics - Statutory Interpretation - Inserting Words interpretation should not effectively add words 104
Tax Topics - Statutory Interpretation - Ordinary Meaning common usage of a technical term given weight 80
Tax Topics - Statutory Interpretation - Resolving Ambiguity 97
Tax Topics - Income Tax Act - Section 45 - Subsection 45(1) - Paragraph 45(1)(a) property not generating income does not convert to capital property unless s. 13(7) or 45(1) applies 209