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Contracts - Remedies - Equitable remedies - Rectification

Thursday, October 06, 2016 @ 8:00 PM  

Appeal by the applicants, Anderson and LJ Anderson Farms Limited, from refusal of declaratory relief. Anderson was the sole director and shareholder of the corporate appellant. He owned farm equipment and land utilized by the company for a farming enterprise. The company advanced monies to Anderson through shareholder loans. A concern arose that the loans would be deemed income for taxation purposes. In 2011, the applicants’ accountants recommended Anderson transfer land and equipment to the company in a rollover transaction. The transactions were recorded in the...