David E. Spiro

The appellant, acting as a licensed customs broker, overpaid $2,937,123 in GST due to errors.

The appellant did not collect the overpayments from its customers but deducted the amounts from its own GST liability.

The Minister of National Revenue disallowed these deductions.

The Supreme Court of Canada held that the appellant was entitled to a rebate under s. 261(1) of the Excise Tax Act because it was the person who actually paid the amount in error, and the Minister was obliged to apply the rebate against the appellant's net tax pursuant to s. 296(2.1).

The taxpayer claimed business losses from trading in gold futures, reporting losses when incurred and gains when realized.

The Minister reassessed, arguing for a 'marked to market' accounting method.

The Supreme Court of Canada dismissed the Crown's appeal, upholding the taxpayer's accounting method and affirming the lower courts' findings that the loss and gain legs of a spread transaction could be considered in isolation.