Greenway v. Canada
A-392-91
Hugessen J.A.
18/9/96
3 pp.
Appeal from judgment dismissing appeal of Minister's disallowance for taxation years 1980 through 1983 of "soft costs" in relation to Multiple Unit Residential Building (MURB) investment by taxpayer-Trial Judge basing decision on finding conditions precedent to various agreements between taxpayer, developer and others not fulfilled, therefore, agreements ineffective to transfer beneficial ownership to investors-Appeal allowed-No true conditions precedent contained in agreements-Appellant therefore acquiring requisite beneficial interest in property-No basis to respondent's argument developer's non-compliance with Real Estate Act, s. 50(6) rendering agreements void-S. 62 simply making agreement unenforceable against purchaser at suit of developer-Argument because agreements executed under seal, agreement unenforceable against investors equally unfounded-Whether undisclosed principals or beneficiaries of trust, clear investors intended to and did acquire interest through agreement-Appeal allowed-Real Estate Act, R.S.B.C. 1979, c. 356, ss. 50(6) (as am. by S.B.C. 1981, c. 28, s. 9), 62 (as am. idem, s. 22).