Case information
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40824
Canadian Imperial Bank of Commerce v. His Majesty the King
(Federal) (Civil) (By Leave)
Docket
Judgments on applications for leave to appeal are rendered by the Court, but are not necessarily unanimous.
| Date | Proceeding | Filed By (if applicable) |
|---|---|---|
| 2024-02-23 | Close file on Leave | |
| 2024-02-22 | Copy of formal judgment sent to Registrar of the Court of Appeal and all parties | |
| 2024-02-22 | Judgment on leave sent to the parties | |
| 2024-02-22 |
Judgment of the Court on the application for leave to appeal, The application for leave to appeal from the judgment of the Federal Court of Appeal, Number A-305-21, 2023 FCA 91, dated May 4, 2023, is dismissed with costs. Dismissed, with costs |
|
| 2024-01-08 | All materials on application for leave submitted to the Judges, for consideration by the Court | |
| 2023-12-27 | Notice of change of solicitor, Change of agent for the applicant | Canadian Imperial Bank of Commerce |
| 2023-11-14 | Supplemental document, (Book Form), Additional Published commentary., (Printed version due on 2023-11-21) | Canadian Imperial Bank of Commerce |
| 2023-09-11 | Applicant's reply to respondent's argument, (Book Form), Completed on: 2023-09-11, (Printed version due on 2023-09-18) | Canadian Imperial Bank of Commerce |
| 2023-09-01 | Certificate (on limitations to public access), (Letter Form), Form 23A, (Printed version due on 2023-09-11) | His Majesty the King |
| 2023-09-01 | Respondent's response on the application for leave to appeal, (Book Form), Completed on: 2023-09-11, (Printed version filed on 2023-09-11) | His Majesty the King |
| 2023-08-09 | Correspondence received from, confirming that Mr. Simon Petit is counsel for the respondent | His Majesty the King |
| 2023-08-04 | Letter acknowledging receipt of a complete application for leave to appeal, FILE OPENED: 2023-08-04 | |
| 2023-08-03 | Certificate (on limitations to public access), Form 23A | Canadian Imperial Bank of Commerce |
| 2023-08-03 | Notice of name | Canadian Imperial Bank of Commerce |
| 2023-08-03 | Application for leave to appeal, (Book Form), Completed on: 2023-08-04, (Printed version due on 2023-08-11) | Canadian Imperial Bank of Commerce |
Parties
Please note that in the case of closed files, the “Status” column reflects the status of the parties at the time of the proceedings. For more information about the proceedings and about the dates when the file was open, please consult the docket of the case in question.
Main parties
| Name | Role | Status |
|---|---|---|
| Canadian Imperial Bank of Commerce | Applicant | Active |
v.
| Name | Role | Status |
|---|---|---|
| His Majesty the King | Respondent | Active |
Counsel
Party: Canadian Imperial Bank of Commerce
Counsel
Edward Rowe
Amanda Heale
100 King Street West
1 First Canadian Place, Suite 6200, P.O. Box 50
Toronto, Ontario
M5X 1B8
Telephone: (416) 862-5677
FAX: (416) 862-6666
Email: ameghji@osler.com
Agent
Suite 320, 100 Queen Street
Ottawa,, Ontario
K1P 1J9
Telephone: (613) 787-1102
Email: dhnatchuk@osler.com
Party: His Majesty the King
Counsel
Guy-Favreau Complex, East Tower, 9th Floor
200 René-Lévesque Boulevard West
Montréal, Quebec
H2Z 1X4
Telephone: (514) 283-6386
FAX: (514) 283-3103
Email: simon.petit@justice.gc.ca
Agent
Suite 500
50 O'Conner Street
Ottawa, Ontario
K1A 0H8
Telephone: (613) 276-1871
FAX: (613) 954-1920
Email: Christopher.Rupar@justice.gc.ca
Summary
Keywords
Taxation — Income Tax — Foreign currency principle — Stop-loss rule — Whether the application of ss. 39(2) and 40(3.6) of the Income Tax Act are ordered with respect to each other — Whether the Federal Court of Appeal correctly interpreted s. 39(2) of the Income Tax Act — Income Tax Act, R.S.C. 1985, c.1 (5th Supp.), ss. 39(1), 39(2), 40(1), 40(3.6).
Summary
Case summaries are prepared by the Office of the Registrar of the Supreme Court of Canada (Law Branch). Please note that summaries are not provided to the Judges of the Court. They are placed on the Court file and website for information purposes only.
A corporate taxpayer in Canada subscribed for shares of a non-resident corporation in the United States of America for US$1 billion. The non-resident corporation redeemed the shares several months later for the same amount. Due to the fluctuation in the exchange rate between the Canadian and US dollars, the Canadian taxpayer paid more (in Canadian dollars) to subscribe to the shares than it received when they were redeemed.
The taxpayer reported an allowable loss on its tax return. The Minister of National Revenue reassessed the claim and denied the loss on the basis that the stop-loss rule in s. 40(3.6) deemed the loss to be nil. The taxpayer objected to, and appealed from, the reassessment.
Lower court rulings
Judgment on motion for determination. Section 40(3.6)(a) of the Income Tax Act applies to deem CIBC’s loss from the disposition of Class B Shares of CIBC Delaware Holdings Inc. to be nil.
Appeal dismissed.
Memorandums of argument on application for leave to appeal
The memorandums of argument on an application for leave to appeal will be posted here 30 days after leave to appeal has been granted unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of the memorandum by filing out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a memorandum of argument or want to use a memorandum of argument, please contact the author of the memorandum of argument directly. Their name appears at the end of the memorandum of argument. The contact information for counsel is found in the “Counsel” tab of this page.
Downloadable PDFs
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Related links
Factums on appeal
The factums of the appellant, the respondent and the intervener will be posted here at least 2 weeks before the hearing unless they contain personal information, information that is subject to a publication ban, or any other information that is not part of the public record. You may also obtain copies of factums by filling out the Request for Court records form or by contacting the Court’s Records Centre either by email at records-dossiers@scc-csc.ca or by telephone at 613‑996‑7933 or at 1‑888‑551‑1185.
If you have questions about a factum or want permission to use a factum, please contact the author of the factum directly. Their contact information appears on the first page of each factum.
Downloadable PDFs
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