Another class action lawsuit launched for inflated receipts as part of tax shelter -Ideas Canada Fdn

September 12, 2015 | By: .(JavaScript must be enabled to view this email address) Mark Blumberg
Topics: News, Canadian Charity Law

A class action lawsuit was commenced on August 18, 2015 in Vancouver against numerous parties involved with a tax shelter scheme related to the Ideas Canada Foundation for the taxation years 2001, 2002 and 2003.   Those who invested in those schemes are upset that CRA did not accept the tax receipts and the "investors" lost their tax savings and/or out of pocket expenditures.  There are 8 defendants in the matter.

According to the statement of claim the defendants are: 

BERKSHIRE FUNDING INITIATIVES LIMITED, TALISKER FUNDING LIMITED,
JAMES PENTURN, RICHARD E. GLATT,
JACK KESLASSY, IDEAS CANADA FOUNDATION,
THORSTEINSSONS LLP and GOWLING LAFLEUR HENDERSON LLP

All of the allegations have yet to be proved.  I am assuming that shortly a defence will be filed by the defendants.  

You can read more about the Ideas Canada Foundation charity gifting scheme in the Kossow decision.  

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Mark Blumberg is a partner at the law firm of Blumberg Segal LLP in Toronto and works almost exclusively in the areas of non-profit and charity law.

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