Banyan Tree Foundation, law firm Fraser Milner Casgrain sued for $55m in class action lawsuit
Posted under What's New from the Charities Directorate of CRA | Canadian Charity Law | Ethics and Canadian Charities | Avoiding 'Charity' Scams
The law firm of Scarfone Hawkins LLP in Hamilton has recently brought a class action lawsuit against a number of parties for their involvement with the Banyan Tree Foundation including the law firm of Fraser Milner Casgrain. It will be interesting to see how this case turns out. I predict that there will be other cases against other law firms that have been involved with preparing opinion letters for transactions that CRA considers to be “shams”. The allegations in the statement of claim have yet to be proved in court.
For more information including the Scarfone Hawkins press release see:
http://www.classactionlaw.ca/content/claims/Rochester/Rochester.htm
Here is a copy of the Statement of Claim:
http://www.classactionlaw.ca/content/claims/Rochester/Statement%20of%20Claim%20issued%20February%2027%202008%20as%2008-CV-349792.pdf
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Here is the notice of revocation for The Banyan Tree Foundation.
Vol. 142, No. 38 — September 20, 2008
COMMISSIONS
CANADA REVENUE AGENCY
INCOME TAX ACT
Revocation of registration of a charity
The following notice of proposed revocation was sent to the charity listed below revoking it for failure to meet the parts of the Income Tax Act as listed in this notice:
“Notice is hereby given, pursuant to paragraphs 168(1)(b) and
168(1)(d) of the Income Tax Act, that I propose to revoke the registration of the organization listed below under
subsection 149.1(4) and paragraph 149.1(4)(b) of the Income Tax Act and that the revocation of the registration is effective on the date of publication of this notice.”
Business Number
Name/Address
119123016RR0001
THE BANYAN TREE FOUNDATION, TORONTO, ONT.
TERRY DE MARCH
Director General
Charities Directorate