Claire Kennedy in Bloomberg: CIT Interest Income Case in Canada Tax Court
July 22, 2016
Claire Kennedy comments in Bloomberg BNA on the CRA's aggressive pursuit in taxing CIT Group Securities (Canada) Inc. on interest income earned by its affiliates in Barbados. The Tax Court of Canada ruled in CIT's favour. The CRA was criticized for dedicating scarce resources to pursue a case which was obviously weak. CIT clearly operates as a lender in Barbados and in the US.