Big news regarding two former Toronto Maple Leafs' forwards on Wednesday.
The Canadian Revenue Agency is currently investigating Darcy Tucker and Shayne Corson for participating in a scam to avoid paying their fair share of taxes.
According to the CRA it involves some sketchy foreign currency trading during their years playing in Toronto.
The CRA adds this is a scheme that is used on a regular basis by wealthy people to avoid paying taxes.
Jesse McLean of The Star broke the story.
"During their shared years in blue and white, Tucker and Corson got into foreign currency trading. They individually reported millions in biz losses on their taxes in the early years.
But the Canada Revenue Agency alleges those losses weren’t real..
Instead, the guv alleges: it was part of a complicated “sham” to claim the losses to reduce their taxable income. A broker would manipulate the trades to produce gains that nearly offset the losses. These would be declared later when it was more favourable to the taxpayer.
Tucker and Corson deny the CRA’s allegations in court filings. They say the trades were real and legitimately done, and they yielded profits in later years -- which was reported as income and taxed.
This alleged sham goes beyond the former hockey players. The CRA alleges more than 150 taxpayers have used the scheme, including a wealthy Burlington family who describe themselves as conservative investors. They reported total losses of roughly $215 million over seven years."
This is a story about two well-known former Maple Leafs, Darcy Tucker and Shayne Corson. It’s also a story about what the Canadian government alleges is an offensive scheme used by wealthy people to skirt paying their fair share in taxes. A thread. https://t.co/73o5uQJHJg
— Jesse McLean (@jesse_mclean) September 23, 2020