Federal Court of Appeal Decisions

Decision Information

Decision Content

Date: 20010425

Docket: A-210-00

                                                                                                Neutral citation: 2001 FCA 122

CORAM:        ISAAC J.A.     

SEXTON J.A.

MALONE J.A.            

BETWEEN:

                      HER MAJESTY THE QUEEN

                                                                                                                                  Appellant

                                                                                                (Respondent on Cross-Appeal)

                                                                       

                                                                   - and -       

                                                                       

                                                                                                                                               

WILLIAM H. JOHNSTON

                                                                                                                              Respondent

                                                                                                    (Appellant on Cross-Appeal)

Heard at Toronto, Ontario, Wednesday, April 25, 2001

Judgment delivered at Toronto, Ontario,

on Wednesday, April 25, 2001

REASONS FOR JUDGMENT OF THE COURT BY:                                SEXTON J.A.


Date: 20010425

Docket: A-210-00

                                                                                                Neutral citation: 2001 FCA 122

CORAM:        ISAAC J.A.     

SEXTON J.A.

MALONE J.A.            

BETWEEN:

                      HER MAJESTY THE QUEEN

                                                                                                                                  Appellant

                                                                                                (Respondent on Cross-Appeal)

                                                                       

                                                                   - and -       

                                                                       

                                                                                                                                               

WILLIAM H. JOHNSTON

                                                                                                                              Respondent

                                                                                                    (Appellant on Cross-Appeal)

                               REASONS FOR JUDGMENT OF THE COURT

                                     (Delivered from the Bench at Toronto, Ontario

                                                on Wednesday, April 25, 2001)

SEXTON J.A.


This is an appeal from a judgment of the Tax Court of Canada pronounced on the 1st day of March 2000 which considered whether the respondent was entitled to claim losses incurred as a result of an investment in a fraudulent "pyramid scheme". The Tax Court Judge dismissed the respondent's claim of a non-capital business loss. However, he did find that the respondent was entitled to claim an allowable business investment loss for his 1993 taxation year pursuant to the Income Tax Act.

We are unable to conclude that the Tax Court Judge erred.

The appeal and cross-appeal will both be dismissed with costs for the reasons enunciated by the learned Tax Court Judge with which we are in substantial agreement.

                                                                                                                            "J. E. Sexon"                    

                                                                                                                                          J.A.                           

 You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.