VANCOUVER, British Columbia, May 08, 2019 (GLOBE NEWSWIRE) -- Deans Knight Income Corporation (the "Company") announces that the Company has received notification that the Canada Revenue Agency (the "CRA") has filed an appeal with the Federal Court of Appeal ("FCA") regarding the Tax Court of Canada (the "TCC") decision of April 2019, which found in favour of the Company.
The Company intends to continue its vigorous defence of its tax filing position before the Federal Court of Appeal. Since the CRA has filed a notice of appeal on the trial decision, we anticipate it will take an additional 18 – 24 months to resolve the matter, and receive a decision from the Federal Court of Appeal.
In January 2014, the Company paid a deposit with the Canada Revenue Agency of approximately $22.7 million, including interest and penalties. In the event that the FCA maintains the decision of the TCC, the amount on deposit will be refunded to the Company, with interest. In the event that the CRA is successful at the FCA, the amount on deposit will be forfeited to the CRA.
The Company looks forward to further updating shareholders as information becomes available.
For further information contact:
| Dillon Cameron Director, Chief Executive Officer Deans Knight Income Corporation (604) 669-0212 | Kelsey Dunwoodie Chief Financial Officer Deans Knight Income Corporation (604) 669-0212 |
Forward-Looking Statements:
This press release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward‐looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and forward-looking information concerning the Company's estimate of the amount of time for the Federal Court of Appeal to hear the Tax Appeal and release a decision on the matter. The forward‐looking statements and forward-looking information are based on certain key expectations and assumptions made by the Company, including, but not limited to, expectations and assumptions concerning prevailing tax laws and the Company's understanding of the time it generally takes to complete tax litigation proceedings. Although the Company believes that the expectations and assumptions on which such forward‐looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and forward-looking information because the Company can give no assurance that they will prove to be correct. Since forward‐looking statements and forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the risks associated with potential changes in legislation and administrative policy, changes in tax laws, risks associated with corporate debt securities, general economic, political and market conditions, availability of tax attributes, interest rate fluctuations, failure to obtain required regulatory, corporate, shareholder and other approvals and other risks as set forth in the Company's annual information form dated March 29, 2019 on file with the securities regulatory authorities at www.sedar.com. The Company assumes no obligation to update forward-looking statements or information except as maybe required by applicable securities laws.