Bifalgorithm post · 606036 2. Transfert d'immeubles d'une société à un actionnaire · Greer – Tax Court of Canada finds a shareholder benefit regarding a transfer to an individual shown on the register as holding one of the 1000 shares

Shareholder Benefit

Shareholder Benefit (606036 2. Transfert d'immeubles d'une société à un actionnaire · Greer – Tax Court of Canada finds a shareholder benefit regarding a trans…

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  • Spiro J found that the property transfers created a shareholder benefit for the taxpayer.
  • He applied the presumption in s. 181(3) of the Business Corporations Act (NB).
  • Absent evidence to the contrary, a share-register entry is proof that the registered holder owns the share.
  • The taxpayer was shown in the register as holding one of the corporation’s 1000 shares.
  • The corporation transferred four properties to the taxpayer.
  • Spiro J valued the four properties at more than $2.4 million.
  • The transfers gave rise to a corresponding shareholder benefit under s. 15(1).
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Shareholder Benefit

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606036 2. Transfert d'immeubles d'une société à un actionnaire

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"Spiro J applied the presumption in s. 181(3) of the Business Corporations Act (NB) that an entry in a share register is, in the absence of evidence to the contrary, proof that the holder shown in the register is the owner of the share. He found that the transfer of four properties, valued by Spiro J at over $2.4 million, by a corporation to the taxpayer, who was shown in the register as holding one of the 1000 shares, gave rise to a corresponding shareholder benefit under s. 15(1)."

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