Cameco Corp. says the Canada Revenue Agency is appealing a Tax Court decision that was in the company’s favour. (Photo by THE CANADIAN PRESS)

Cameco says Canada Revenue Agency appealing Tax Court ruling in company’s favour

SASKATOON — Cameco Corp. says the Canada Revenue Agency is appealing a Tax Court decision that was in the company’s favour.

The Saskatoon-based uranium miner estimates it will take about two years for the Federal Court of Appeal to hear and decide the case.

Last month, Cameco says the Tax Court ruled its favour in the case which centred around its use of a subsidiary in Switzerland to sell and trade its uranium.

The CRA contended it was a sham established to avoid Canadian taxes, while Cameco maintained it was for legal and sound business practices.

Despite the CRA appeal, Cameco says it will be making an application to the court to recover costs incurred over the course of this case.

Cameco noted that decisions of the Federal Court of Appeal may be appealed to the Supreme Court of Canada, if the top court agrees to hear the appeal.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

94 new cases of COVID-19 in Alberta on Wednesday, two more deaths

COVID-19 cases across the province rose by 94 on Wednesday. The slight… Continue reading

Red Deer mayor slams provincial plan to change 911 dispatch

Dispatch centres in Red Deer, Calgary, Lethbridge and Municipality of Wood Buffalo affected

Olds College releases non-native wasp to kill lily beetles

Lily growers in central and southern Alberta know the destruction lily beetles… Continue reading

Red Deer family relieved that Lebanese relatives are safe after explosion

Lebanese relatives live 45 minutes from blast and said it felt like an earthquake

Heat warning issued for Red Deer and region

A heat warning is in effect for Red Deer and much of… Continue reading

Protestors for Indigenous Lives Matter gather in Wetaskiwin

Protestors gathered along 56 St Wetaskiwin, Alta. August 4, 2020 for Indigenous Lives Matter.

Booking.com cuts workforce by thousands as travel atrophies

Booking.com cuts workforce by thousands as travel atrophies

Ford COO Jim Farley to lead company, CEO Hackett to retire

Ford COO Jim Farley to lead company, CEO Hackett to retire

Stingray CEO expects rapid growth as COVID’s impact fades, new services unfold

Stingray CEO expects rapid growth as COVID’s impact fades, new services unfold

TSX closes higher as energy, loonie strengthen and gold reaches another record

TSX closes higher as energy, loonie strengthen and gold reaches another record

Young Canadians, hospitality workers bear the brunt of mental strain in 2020: report

A study by Morneau Shepell points to economic uncertainty in the pandemic as the cause for angst

Abbotsford mom worried about her two kids in Beirut following explosion

Shelley Beyak’s children were abducted by their dad in 2018

Trump relying on October Surprise

An October Surprise in the United States is now almost inevitable, because… Continue reading

Lebanese confront devastation after massive Beirut explosion

BEIRUT — Residents of Beirut confronted a scene of utter devastation Wednesday,… Continue reading

Most Read