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The decision of the Tax Court of Canada in McNichol v. The Queen represents the first instance in which the General Anti- Avoidance Rule (the "GAAR"), in section 245 of the Income Tax Act, has been judicially applied. The impugned transaction was a classic example of dividend or "surplus" stripping, which involves the removal of tax paid net profit from a corporation as capital rather than by a distribution of dividends. There are specific anti- avoidance measures within the Act which purport to deal with surplus stripping transactions. The Court, however, chose not to utilize such purpose-built provisions, but relied instead on the expansive ambit of the GAAR. This note will comment on the McNichol decision by first providing a brief outline of the facts, undertaking an analysis of the transaction under the specific subsection 84(2) anti-avoidance provision and, finally commenting on the Court's application of the GAAR. The conclusion of this note is that the presence of specific anti-avoidance rules should preclude the application of the GAAR. This view finds support in previous decisions of the Supreme Court of Canada, and is consistent with the dear intent of Parliament. In the result, the Court's decision to disallow the transaction in McNichol is appropriate, but should have been achieved pursuant to subsection 84(2), a provision particular to the type of transaction at issue, instead of under the section 245 GAAR.

To access publisher's full text version of this article, please click on the hyperlink in Additional Links field or click on the hyperlink at the top of the page marked Download ; A large fraction of genetic risk factors for Alzheimer's Disease (AD) is still not identified, limiting the understanding of AD pathology and study of therapeutic targets. We conducted a genome-wide association study (GWAS) of AD cases and controls of European descent from the multi-center DemGene network across Norway and two independent European cohorts. In a two-stage process, we first performed a meta-analysis using GWAS results from 2,893 AD cases and 6,858 cognitively normal controls from Norway and 25,580 cases and 48,466 controls from the International Genomics of Alzheimer's Project (IGAP), denoted the discovery sample. Second, we selected the top hits (p < 1 × 10 ; Research Council of Norway (RCN) EU JPND Program ApGeM RCN Grant South-East Norway Health Authority Norwegian Health Association KG Jebsen Foundation European Union European Community PIAPP-GA-2011-286213 PsychDPC French National Foundation on Alzheimer's disease and related disorders LABEX (laboratory of excellence program investment for the future) DISTALZ grant, Inserm, Institut Pasteur de Lille, Universite de Lille 2 Lille University Hospital Medical Research Council Alzheimer's Research UK Wellcome Trust German Federal Ministry of Education and Research (BMBF): Competence Network Dementia (CND) NIH/NIA NIA AGES NHLBI Icelandic Heart Association Erasmus Medical Center Erasmus University Alzheimer's Association