The controversial Blue Bridge firm resigns itself to providing Revenue Canada with a list of wealthy clients who allegedly used its trusts to avoid paying tax in France.
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The Montreal wealth management firm released a press release yesterday in response to the Supreme Court’s decision Thursday not to hear an appeal it lodged against Revenue Canada.
“Blue Bridge Trust Company has taken note of the Supreme Court’s refusal to hear its appeal and will therefore provide the Canadian tax authorities with the additional information requested by France concerning 14 trusts, for certain years,” the press release said.
Revenue Canada is acting on behalf of France in this matter.
Recall that Blue Bridge had fought for years in court to avoid having to transmit information on the beneficiaries of trusts, or trusts, in English.
French daily Release this week published the names of extremely wealthy French families, including the Seydoux, Schlumberger and Guerrand-Hermès, behind certain Montreal trusts.
While indicating that it wants to comply with the decision of the Supreme Court, the company indicates, however, that comments made by the Minister of the Economy of France, Bruno Le Maire, undoubtedly demonstrate, according to it, “the will of France to subject the heritage of Canadian trusts to the ISF [impôt sur la fortune] “.