1. A taxing dilemma.
- Author
-
Mandel, Charles
- Subjects
- *
ACTIONS & defenses (Law) , *CORPORATE taxes , *TAX rebates , *TAXATION , *CANADIAN provinces - Abstract
CHC Helicopter Corporation has so far enjoyed a smooth flight through bumpy financial markets. Prince Edward Island (PEI) Business Development Incorporated, a provincial government agency, is after the oil and gas helicopter services company and its former subsidiary, Atlantic Turbines, for more than $8.6 million worth of tax grants, plus interest. CHC received the money through a provincial tax rebate program when it agreed to locate in a new aerospace business centre near Summerside, PEI. In a statement of defence filed in December, it says no funds from the federal tax reassessments are due to PEI, and that the province overstated the amount of the tax grant repayable from 1999. CHC also filed a counterclaim for $58,005, saying it met all requirements for the 1998 tax grant from the province and that after the federal tax reassessment, PEI underpaid Atlantic Turbines that year.
- Published
- 2003