A major tax battle between the Canada Revenue Agency and the country’s six biggest banks has more than doubled in size over the past few years, with the lenders saying they are being reassessed for in excess of $6 billion due to a disagreement over dividends.
Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank all say they believe their tax filings are sound. However, the banks have acknowledged in corporate filings that the CRA and provincial tax agencies continue to reassess them for a growing mountain of money.
The Big Six reported in their most recent quarterly filings that, as of the end of October, tax authorities were seeking or proposing to seek approximately $6.3 billion in additional tax and interest from them combined over dividend-related matters. When the Post last wrote about the tax dispute, in June of 2018, the potential bill that had been disclosed at that point had reached around $2.8 billion.
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