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Billion Dollar Tax Haven Battle Heads to Canada’s Top Court

Oct. 29, 2020, 2:37 PM

Canada’s national tax agency will get a chance to try overturning a court judgment it says imperils the collection of C$1.18 billion ($885 million) through the use of offshore tax havens.

The Supreme Court of Canada on Thursday agreed to hear the Canada Revenue Agency’s application for leave to appeal the Federal Court of Appeal’s April judgment in favor of Loblaws Financial Holdings Inc. a wholly-owned subsidiary of Loblaw Company Ltd.

The appeal court’s decision provides a road map for companies seeking to avoid paying taxes by parking assets offshore, the agency’s application to the top court said.

The ...

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