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RSS FeedsThe CRA is going after the wealthy family behind the West Edmonton Mall. Here´s why
(The Star Travel)


15 november 2019 18:22:46

The CRA is going after the wealthy family behind the West Edmonton Mall. Here´s why
(The Star Travel)

Canada Revenue Agency is investigating one of the country´s wealthiest families and its network of foreign trusts and companies, alleging one family member in Toronto was wired millions of dollars in unreported income around the time she was collecting unemployment insurance benefits.The target of the tax agency´s probe is the Ghermezian family, whose Triple Five Group is behind the West Edmonton Mall, the Mall of America and the newly opened American Dream - a sprawling complex in New Jersey that will be home to a water park and indoor ski slope.In an effort to verify whether the family and its businesses are properly reporting their income, the CRA is scrutinizing a number of trusts and corporations in China, Gibraltar and the United States that it suspects are being controlled and managed by the Ghermezians from inside Canada, which could make those entities subject to Canadian taxes.The CRA´s allegations, filed as part of an expansive legal dispute between the family and the federal government, have not been tested in court.In a statement, the Ghermezians said the foreign corporations caught in the CRA´s crosshairs are owned and controlled by members of the family who reside outside of Canada.`These interests have nothing to do with the North American businesses of the family,` the statement said. `The allegations made by the CRA that various Triple Five foreign entities are resident in Canada for income tax purposes contradict the relevant facts and law, including applicable tax treaties, between Canada and the relevant foreign countries.``The Ghermezian family is deeply upset by the spurious nature of the allegations made by the CRA,` the statement said.In 2013, the CRA asked for a breakdown of all companies and trusts held by the senior leaders of the Ghermezian empire, brothers Eskandar, Nader, Bahman and Raphael. The four brothers had taken the reins of the family business from their father, Jacob, who grew his carpet business in Tehran, Iran, into an i ...

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