- Parties: The appellant was Glencore Canada Corporation. The respondent was His Majesty the King.

- Subject Matter: In 1996, Falconbridge Limited offered to acquire publicly-traded shares of Diamond Fields Resources Inc. for consideration valued at approximately $4.1 billion. After a bidding auction, Falconbridge lost to its competitor Inco Ltd. and received $101,541,987 in fees from Diamond Fields in connection with the offer. The appellant, Falconbridge’s successor, received a reassessment under the Income Tax Act, 1985 for Falconbridge’s 1996 taxation year. The reassessment included the fees, minus related expenses, in the income. The Tax Court of Canada upheld the reassessment and held that the fees were income from a business under s. 9(1) of the Act. The appellant challenged this judgment.

- Ruling: The appeal court ruled in the respondent’s favour. It dismissed the appeal but for different reasons than the Tax Court. Falconbridge received the fees in the course of earning income from a business and property under s. 12(1)(x) of the Income Tax Act, the appeal court said. The fees, less the bid-related expenses, should be included in computing income from a business or property, the appeal court added.

- Date: The hearing was set on Apr. 19, 2023. The court released its decision on Jan. 5, 2024.

- Venue: This was a federal case before the Federal Court of Appeal.

- Amount: Costs were fixed at $3,000.