The Resource General Electric Capital Canada Inc v Her Majesty The Queen : 2010 FCA 344

General Electric Capital Canada Inc v Her Majesty The Queen : 2010 FCA 344

Label
General Electric Capital Canada Inc v Her Majesty The Queen : 2010 FCA 344
Title
General Electric Capital Canada Inc v Her Majesty The Queen : 2010 FCA 344
Contributor
Subject
Language
eng
Summary
Judgment by the Federal Court of Appeal, Ontario, dated 15 December 2010. The taxpayer was the Canadian subsidiary of a US parent company and provided financial services which it financed by issuing commercial paper. The US parent had long provided an explicit guarantee for the taxpayer's issued debt at no cost. From 1996, the US parent charged the taxpayer a fee equal to one per cent of the face value of the issued debt for providing the same guarantee. The taxpayer claimed this fee as a deduction in calculating its income for tax purposes. The Minister disallowed the deduction under transfer-pricing provisions on the ground that the guarantee was superfluous as the US parent would have stood behind the taxpayer regardless of the guarantee. The taxpayer appealed successfully to the Tax Court and the Crown appealed to the Federal Court on this and a number of other issues. The Federal Court ruled in favour of the taxpayer
Citation source
In: International tax law reports. - London. - Vol. 13 (2011),
Geographic coverage
North America
Language note
English
http://library.link/vocab/relatedWorkOrContributorName
Baker, P
http://library.link/vocab/subjectName
  • case law
  • transfer pricing
  • arm's length principle
  • guarantee fee
Label
General Electric Capital Canada Inc v Her Majesty The Queen : 2010 FCA 344
Instantiates
Publication
Label
General Electric Capital Canada Inc v Her Majesty The Queen : 2010 FCA 344
Publication

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