More than 115 cases of eye damage reported in Ontario after solar eclipse
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
Loblaw Financial Holdings should not have to pay Canadian taxes on income from a subsidiary the company ran in Barbados, the Supreme Court of Canada has ruled.
In a 7-0 decision Friday, the top court said Canadian provisions at issue in the case do not apply to the subsidiary, Glenhuron Bank, meaning tax on its income is not payable in Canada.
Loblaw Financial, part of a larger group that includes the well-known grocery retailer, incorporated the subsidiary in 1992. Barbados' central bank issued a licence for it to operate as an offshore bank.
In 2013, Glenhuron was dissolved, and its assets were liquidated to help Loblaw buy Shoppers Drug Mart.
Loblaw Financial and affiliated companies made capital investments in Glenhuron, which engaged in corporate banking, between 1992 and 2000.
For several taxation years from 2001 and 2010, Loblaw Financial did not include income earned by Glenhuron in its Canadian tax returns as foreign accrual property income, known as FAPI.
The federal revenue minister issued reassessments to Loblaw Financial that required it to pay tax on Glenhuron's income on the grounds it fell under the provisions.
The federal Tax Court agreed with the minister in 2018 that Glenhuron's income did not qualify for an exclusion afforded to foreign banks.
The court concluded that Glenhuron conducted business principally with affiliated corporations, not parties with whom it was dealing at arm's length, as required by the legislation.
The Federal Court of Appeal overturned the decision, referring the reassessments back to the minister for reconsideration. The Crown then took its case to the Supreme Court.
In its unanimous decision, the top court found the vast majority of business was conducted between Loblaw Financial's foreign affiliate and arm's-length parties, so the exception in the law did in fact apply.
A parent corporation does not conduct business with its foreign affiliate when it provides capital and exercises corporate oversight, the Supreme Court said.
On the arm's-length side, Glenhuron invested in short-term debt securities, cross-currency swaps and interest swaps, Justice Suzanne Cote wrote on behalf of the court.
"These were by far the most lucrative activities undertaken by Glenhuron, amounting to at least 86 per cent of its income during the years in issue."
This report by The Canadian Press was first published Dec. 3, 2021.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
The Ontario Provincial Police (OPP) says it's investigating an interaction between a uniformed officer and anti-Trudeau government protestors after a video circulated on social media.
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
A loud explosion was heard across Hamilton on Friday after a propane tank was accidentally destroyed and detonated at a local scrap metal yard, police say.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”