In the Alberta Bank Taxation Reference, what was revealed about the legislation's true intention?

The correct interpretation of the Alberta Bank Taxation Reference reflects that the legislation's true intention was primarily aimed at banking regulations rather than being a straightforward taxation measure. This case illustrated the complexities involved when a statute, ostensibly crafted for taxation, may actually serve other regulatory purposes.

In this instance, the legislation did not merely function as a genuine tax initiative intended to raise revenue. Instead, it was aimed at exerting control and oversight over banks operating within Alberta, highlighting the balance of power between federal and provincial jurisdictions regarding banking. The Supreme Court of Canada clarified that the provincial legislation was an attempt to regulate banking activities, which falls under federal jurisdiction according to section 91 of the Constitution.

This aligns with the notion that even if a law is framed as taxation, the underlying motivations and effects can reveal the regulation's true purpose, which can be scrutinized under constitutional law to ensure compliance with the division of powers outlined in the Constitution.