Précis: The taxpayer was the unknowing victim of an RRSP strip scheme. The annuitants set up self-administered RRSPs with the taxpayer and then directed the taxpayer to use the funds in the RRSP to purchase the shares of a Canadian corporation from a third party. The promoters of the scheme then transferred the purchase money offshore into vehicles to which the annuitants had access but, theoretically, in which they had no ownership interest.
Coast Capital Savings Credit Union v. R. - TCC: Taxpayer cannot plead “sham”READ MORE »