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The Tax Court allowed Peloton’s GST appeal, holding the road race was commercially tied to sponsorship contracts and related inputs qualified for ITCs.
s.191(1) applied to units registered as condominium units and the correct asset to value is the individual condominium unit in the normal market for sales of comparable condominium units; the direct comparison approach is the appropriate valuation method for such individual units; the Appellant's cost plus 6% method is not an accepted market valuation method and the Appellant's expert valued the wrong asset (entire building) using the income approach; CRA's comparables and a 6% absorption discount were supported by the evidence; accordingly CRA's reassessments for the periods Dec 1, 2008 to J…
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Respondent failed to prove that appellant was a joint beneficial owner of the Burnaby, Mission and Maple Ridge properties; therefore those properties, related joint accounts and mortgages must be removed from the net worth calculation and personal expenditures recalculated as specified; appeals in respect of the income tax reassessments and the GST assessment are allowed and the matters remitted to the Minister for reconsideration and reassessment subject to the constraint that taxable income or net tax for any period not be increased above amounts already assessed/reassessed.
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The court held that the $12,646.51 GST debt for May 1–July 31, 1998 was never vacated; proofs of claim including that amount were sent to the trustee within six months; section 323 applies to de facto as well as de jure directors; the appellant remained a de facto director and was the only person signing cheques and controlling operations; and he failed to prove he exercised the requisite care under s.323(3); therefore the assessment against him (PQ‑2000‑5279 for $15,730.15) was valid and the appeal was dismissed.
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The legal fees were not acquired for consumption, use or supply in the course of the appellant's commercial activities and the damages recovered are not consideration for a taxable supply; therefore the appellant is not entitled to input tax credits for the GST paid on those legal fees.
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