In Desormiers c. Lalumière, 2006 QCCS 2357, a son purchased shares from his mother and father for $500,000. The purchase and sale agreement stated that the purchase price was subject to adjustment: if the Minister of National Revenue determined that the fair market value of the shares was some other amount, the parties would adjust accordingly. A CRA agent later opined that the value of the shares was nil, but the Quebec Superior Court ordered the son to pay the purchase price originally agreed upon anyway. The Quebec Court of Appeal dismissed the son’s appeal, and the Supreme Court recently refused leave.
