Business News • MarketWire • Olympia Loses Appeal of Adverse Tax Ruling; Proceeding to Full Trial on Issues |
Olympia Loses Appeal of Adverse Tax Ruling; Proceeding to Full Trial on Issues |
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Olympia Loses Appeal of Adverse Tax Ruling; Proceeding to Full Trial on Issues
CALGARY, ALBERTA--(Marketwired - Dec. 4, 2015) - Olympia Financial Group Inc. (TSX:OLY) announces that it was not successful in its appeal of the adverse tax ruling of the Tax Court of Canada dated December 19, 2014. The Federal Court of Appeal has today confirmed that Olympia Trust Company ("OTC") is a "purchaser" for the purposes of section 116(5) of the Income Tax Act (Canada) ("Tax Act"), whereby OTC may be liable for certain withholding tax obligations relating to share sale transactions completed by certain self-directed registered plans to non-residents from 2001 to 2004 (which resulted in OTC previously paying CRA $1.27 million in 2010). Notwithstanding today's decision by the Federal Court of Appeal, OTC intends on proceeding to a full tax court trial of all the issues as management believes that the facts show that no withholding taxes should have been assessed for the subject transactions. Further, Olympia will continue to advance its claim for damages against the annuitants that completed the transactions and the lawyers that facilitated the transactions for the vendors.
View More : http://www.marketwired.com/mw/release.do?id=2079537&sourceType=3
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