Focus On Insolvency/Restructuring Group - February, 2010
Mondaq Business Briefing › Canada Law Articles in English (2010)
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Focus On Insolvency/Restructuring Group - February, 2010
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CRA Deemed Trust Trumps Contractual Right To Set Off Reorganization Proceedings Continued Notwithstanding Allegations Of Conflict Court Restricts Access To Debtor's Data Room CRA Deemed Trust Trumps Contractual Right To Set Off By David Mann, David Legeyt In the recent decision of Ministre du Revenue national c. Caisse populaire du bon Counseil, 2009 SCC 29 ("Caisse populaire"), the Supreme Court of Canada (the "SCC") considered whether a lender's contractual rights in respect of its customer's term deposit account may be defeated by a deemed statutory trust in favour of the Crown. Any property of a taxpayer that is subject to a "security interest" within the meaning of the term in s. 224(1.3) of the Income Tax Act, R.S.C. 1985, c. 1 (5th Suppl.) ("ITA"), is, to the extent of any unremitted source deductions by the taxpayer, deemed to...See the full content of this document
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