Canada Top Court Dismisses Appeal Bid Over Tax Straddle Ruling

Canada’s high court has denied a wealthy estate’s bid to overturn a ruling denying the estate tens of millions of dollars in business losses used to offset gains in tax returns.

The Supreme Court of Canada denied Thursday an application for leave to appeal from the estate of Pasquale Paletta, which was seeking to overturn last year’s decision by the Federal Court of Appeal, the top court said in a news release.

The appeal court found the estate couldn’t use nearly C$38 million ($27.6 million) as business losses because they were part of a tax shelter ...