Court dismisses shareholders’ appeal of tax reassessment, finds $19M was to be redistributed to them

By Anosha Khan ( February 22, 2023, 5:08 PM EST) -- The Federal Court of Appeal has dismissed three appeals from decisions of the Tax Court of Canada that concerned reassessments made by the Minister of National Revenue for the appellants’ 2012 taxation year. The court found that the two corporations owned by the appellants were impoverished as a result of the indirect distribution of their funds to the appellants’ benefit....