Mint chair helped run alleged tax scheme

Jim Love, the chair of the Royal Canadian Mint helped arrange the transfer of millions of dollars from the descendents of a former prime minister to offshore tax havens, CBC reports.

The CBC obtained documents that outline how over $8 million was put into offshore accounts in Bermuda, Barbados and Antigua, in the process avoiding up to $1 million in taxes.

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The papers are from a lawsuit against Love, who is a Toronto tax lawyer, brought against him by descendants of former Canadian prime minister Arthur Meighan.

Two of Meighan’s granddaughters alleged that Love mismanaged the $3-million each left to them in trust by the former PM.

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The suit was settled in 2011, and none of these allegations were proven in court, reports CBC.

Love is a close friend of Finance Minister Jim Flaherty and former tax advisor to the federal government.

Read more here.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.