The Canada Revenue Agency is insisting on recovering taxes on nearly $90 million in income from billionaire John Risley, who is appealing the decision.
In a document of around a hundred pages, theARC claims that the co-founder of Clearwater Seafoods failed to properly declare taxable benefits such as mansions and luxury boats that belonged to companies in which he was a shareholder.
L’ARC writes that John Risley declared $1.5 to $3.2 million in revenue per year between 2012 and 2019 while, in some years, these revenues were $6 to $7 million higher than the amounts declared.
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The conflict concerns in particular this mansion built in 1998 in Chester by a John Risley company with financing of $28 million. (Archive photo)
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In a court appeal last summer, John Risley assured that he had presented amounts that seemed fair to him and that he had not made any false declaration.
The attorney for the Department of Justice, Cecil Woonhowever, asserts that John Risley has made false returns in the past, as early as 1985, forcing the agency to reassess its taxes several times.
John Risley did not respond to an interview request.
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Clearwater Seafoods is today one of the largest shellfish and shellfish sales companies in North America. (Archive photo)
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Last fall, John Risley stated that he did not mind paying taxes on his shareholder benefits, but believed that their valuation by theARC was too high.
His lawyers also wrote that John Risley relied on accountants and tax specialists to file its returns.
A Tax Court of Canada judge is asking both sides to agree on a hearing date by June 2026.
With information from Richard Cuthbersonof CBC
Canada
