The Minister of Finance appealed a trial judge's decision allowing FCMI Financial Corporation's appeal of capital tax reassessments for the years 1984 to 1989.
The Court of Appeal dismissed the appeal, holding that FCMI was entitled to use its own fiscal year end to calculate its share of a partnership's paid-up capital, could retroactively reduce its earned surplus based on unpaid income tax reassessments, and could rely on a revised financial statement to correct an error in its 1989 return.
