Darcy Tucker and Shayne Corson Implicated in Tax Avoision Scheme
Quote:
Darcy Tucker and Shayne Corson deny the CRA’s allegations, which focus on trading during their time playing for the Leafs. In its early years, the both players declared millions of dollars in losses from the venture. But the CRA said this was a deliberate ploy in order to minimize the amount of tax the agency could take from the pair’s salaries.
Basically my understanding is they faked losses while their income was high and then spread out offsetting gains in post retirement low income years when the tax implications would be far more beneficial.
Last edited by Cecil Terwilliger; 09-25-2020 at 01:32 PM.
I wonder if Allan Walsh's little twitter tax rant created a sharper look on some of these guys.
It sounds like this was a well known scam. If I’m reading correctly Tucker dropped his appeal (and paid his tax bill?) but Corson is still fighting it.
I think it’s just a reassessment/fine. No criminal charges or anything.
Perhaps Tax Avoidance or Avoision would be a better title as evasion is illegal and would likely result in criminal charges.
Last edited by Cecil Terwilliger; 09-25-2020 at 08:59 AM.
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I wonder if Allan Walsh's little twitter tax rant created a sharper look on some of these guys.
1) they are already getting looked at closely and CRA has already analyzed the structures they use
2) CRA hasn't had time to dig up some guys from the past and re-evaluate their tax structures in a week
It sounds like this was a well known scam. If I’m reading correctly Tucker dropped his appeal (and paid his tax bill?) but Corson is still fighting it.
I think it’s just a reassessment/fine. No criminal charges or anything.
Perhaps Tax Avoidance or Avoision would be a better title as evasion is illegal and would likely result in criminal charges.
I haven't read the article, but tax avoidance isn't right either. Tax avoidance is proper tax planning. This sounds more nefarious.
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Eh, I think the term tax evasion is pretty strong here. They tried to do some "tax planning" and the CRA swooped in and said "nope". To me this is is nothing more than a audit and reassessment type thing.
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1) they are already getting looked at closely and CRA has already analyzed the structures they use
2) CRA hasn't had time to dig up some guys from the past and re-evaluate their tax structures in a week
Why not? Shouldn't it be super easy for them just to search the records of Alan Walsh's clients? An intrepid accountant could probably comb those files in an afternoon.
Why not? Shouldn't it be super easy for them just to search the records of Alan Walsh's clients? An intrepid accountant could probably comb those files in an afternoon.
If they in fact searched Walsh's accounts because they were suddenly concerned about his activities, it would be months/years before anything popped up.
Darcy Tucker and Shayne Corson Implicated in Tax Avoision Scheme
