"He Who Wants a Rose Must Respect the (Cop)Thorn(e)",
Tax Topics, January 2012
Date:
January 20 2012
On December 16, 2011, the Supreme Court of Canada (the “SCC”) released its long-awaited decision in Copthorne Holdings Ltd. v. The Queen, 2012 DTC 5007. In a unanimous judgment, the SCC dismissed the appeal of the taxpayer and affirmed the Plans decisions of both the Federal Court of Appeal and the Tax Court of Canada. In reasons written by Justice Marshall Rothstein, the SCC concluded that the transactions in question contravened the general anti-avoidance rule (“GAAR”) contained in section 245 of the Income Tax Act (the “Act”) and were properly reassessed by the Minister of National Revenue (“Minister”).
Reproduced with permission from CCH Canadian Limited.
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