The applicants subscribed for flow-through shares in mining companies, which renounced Canadian exploration expenses to them.
The CRA later reassessed the companies and the applicants, disallowing the expenses.
The applicants sought immediate indemnification from the respondent under their subscription agreements for the taxes paid under the reassessments.
The court dismissed the applications, finding that the indemnities were not payable until the amount of taxes was 'definitively determined' or 'determined', which had not yet occurred as the respondent's appeal of the CRA reassessment was still pending.
