A wealthy Canadian family is challenging a tax ruling that its transactions in connection with the purchase of the major league hockey team, the Vancouver Canucks, sought to lower its capital gains taxes.
The Aquilini family argued during hearings at the Federal Court of Appeal Wednesday and Thursday that the Canada Revenue Agency erred when it blocked the way the family dispersed C$48.46 million in income it made during the purchase of a 50% stake in the hockey team in 2007.
A Tax Court of Canada ruling in June 2019 that backed the agency should be overturned because it ...
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