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Canada Court Sides With Tax Agency in Denying Investor’s Losses (1)

Nov. 22, 2022, 11:34 PMUpdated: Nov. 23, 2022, 1:15 AM

An appeal court has sided with Canada’s tax agency and denied an investor’s claim for C$1.47 million ($1.1 million) in losses tied to real estate in Hawaii that lost value after the 2008 financial crisis.

The Federal Court of Appeal granted the Canada Revenue Agency’s cross-appeal and overturned an April 2021 ruling of the Tax Court of Canada that said Jeremy Leonard could claim the losses that stem from distressed mortgages on the property.

Leonard appealed the tax court decision claiming it erred by not determining he could claim all of the losses he sustained, but the appeal court ...