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Industry NewsLoblaw presents closing arguments in tax case

Loblaw presents closing arguments in tax case


Wrapping up Loblaw’s defence in its $437 M dispute with the Canada Revenue Agency, the company’s lawyer Al Meghji presented his closing arguments to a Toronto court this week.

According to an article in the National Post, Meghji described as “absurd” the CRA’s allegation that Loblaw established Glenhuron Bank Ltd, a banking subsidiary in Barbados, for the purpose of tax evasion.

The trial began when Loblaw filed an appeal in 2015 after the CRA reassessed Glenhuron’s taxes going back to 2001. The CRA has claimed Loblaw tried to make Glenhuron look like a foreign bank so that it could avoid paying tax.

The CRA also delivers its closing arguments this week.

Read the full article here.

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