{"id":6209,"date":"2021-12-03T08:21:28","date_gmt":"2021-12-03T16:21:28","guid":{"rendered":"https:\/\/www.thor.ca\/?post_type=tax_alert&#038;p=6209"},"modified":"2025-02-21T12:46:45","modified_gmt":"2025-02-21T20:46:45","slug":"supreme-court-of-canada-dismisses-crown-appeal-in-loblaw-financial-holdings-case","status":"publish","type":"post","link":"https:\/\/www.thor.ca\/blog\/2021\/12\/supreme-court-of-canada-dismisses-crown-appeal-in-loblaw-financial-holdings-case\/","title":{"rendered":"Supreme Court of Canada dismisses Crown Appeal in Loblaw Financial Holdings Case"},"content":{"rendered":"<p>In a unanimous decision, the Supreme Court of Canada has dismissed the Crown&#8217;s appeal in <em><a href=\"https:\/\/decisions.scc-csc.ca\/scc-csc\/scc-csc\/en\/item\/19096\/index.do\">Canada v. Loblaw Financial Holdings Inc.<\/a> <\/em>(2021 SCC 51), holding that Loblaw Financial was entitled to rely on the financial institution exception set out in s.95(1) of the <em>Income Tax Act<\/em>.\u00a0 In so doing, the SCC concluded that the context of the FAPI regime confirms that a parent corporation does not conduct business with its controlled foreign affiliates when it provides capital and exercises corporate oversight.\u00a0 <a href=\"https:\/\/www.thor.ca\/lawyers\/matthew-williams\/\">Matthew Williams<\/a>, <a href=\"https:\/\/www.thor.ca\/lawyers\/robert-carvalho\/\">Robert Carvalho<\/a>, and <a href=\"https:\/\/www.thor.ca\/lawyers\/robert-carvalho\/\">Michael Colborne<\/a> represented the intervener, the Canadian Bankers&#8217; Association.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a unanimous decision, the Supreme Court of Canada has dismissed the Crown&#8217;s appeal in <em><a href=\"https:\/\/decisions.scc-csc.ca\/scc-csc\/scc-csc\/en\/item\/19096\/index.do\">Canada v. Loblaw Financial Holdings Inc.<\/a> <\/em>(2021 SCC 51), holding that Loblaw Financial was entitled to rely on the financial institution exception set out in&hellip;<\/p>\n","protected":false},"author":10,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53],"tags":[],"class_list":["post-6209","post","type-post","status-publish","format-standard","hentry","category-tax-alerts"],"_links":{"self":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/6209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/comments?post=6209"}],"version-history":[{"count":3,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/6209\/revisions"}],"predecessor-version":[{"id":7284,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/posts\/6209\/revisions\/7284"}],"wp:attachment":[{"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/media?parent=6209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/categories?post=6209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.thor.ca\/blog\/wp-json\/wp\/v2\/tags?post=6209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}