It meant the Cochrane family trust, created by Harvard Industries, owed taxes on dividends totalling $2,085,000, while the Collins family trust owed taxes on $510,000 in Rite-Way dividends.
Brown writes the courts may intervene if a mistake has been made but can’t step in to allow what amounts to retroactive tax planning or to “achieve the objective of avoiding an unintended tax liability.” The lone high court justice favouring the B.C. court rulings writes that allowing Rite-Way and Harvard to reverse their earlier tax planning is the only remedy available.
The courts are very concerning these days. Justices applying the law based on emotion and not rational thought. Disturbing.
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