In Canada Life v. AG of Canada, 2015 ONSC 281, a Canadian subsidiary intended to realize a large loss on its interest in a partnership in order to offset a large taxable gain on hedge contracts.  Just one problem: the transactions did not account for the rollover rule in s. 98(5), which operated to eliminate the intended loss.  Fortunately, the Ontario Superior Court of Justice allowed a rectification of the transactions so as to avoid the application of s. 98(5) and realize the loss as intended.  The Court observed that Juliar v. Canada is a binding decision on the Court, and its principles were satisfied in this case (see paragraphs 38 and 39).  All parties to the transactions had a continuing specific intention to carry out the transactions to create a tax loss, and by mistake that did not happen.  In such circumstances, the parties are entitled to the equitable remedy of rectification.