Eugene P. Rossiter

The appellant estate appealed a reassessment denying a charitable donation tax credit for the 2012 taxation year.

The deceased had implemented a tax plan transferring shares to a private foundation, which then disposed of them to the deceased's company in exchange for a promissory note.

The Tax Court of Canada held that the promissory note was a non-qualifying security and the only consideration received at the time of disposition.

Consequently, under paragraph 118.1(13)(c) of the Income Tax Act, the deemed value of the gift was nil.

The appeal was dismissed.

The appellant appealed a decision by the Minister to include his Egyptian engineering syndicate pension in his income for the purpose of calculating his Guaranteed Income Supplement (GIS).

The Tax Court of Canada held that the foreign pension amounts constituted income from a source under the Income Tax Act and must be included in the GIS income determination.

The appeal was dismissed.