In Chan v. The Queen 2022 TCC 87 [Chan], a decision under the Tax Court of Canada’s informal procedure, the primary issue was the beneficial ownership of specified foreign property (a bank account allegedly containing illegally procured funds) and the respective obligation to report it on the appellant’s tax return.
According to a decision of the Ontario Superior Court of Justice in Csak v. Aumon, 1990 CanLII 8070 (ON SC), at paragraph 8, a “beneficial owner is one who is the real owner of property even though it is in someone else’s name. The nominal owner has legal title to the property but the real owner can require the nominal owner to convey the property to him and transfer legal title to him…”.
Read more at the Lawyer’s Daily published by Lexis Nexis Canada…
