FCA confirms CRA super priority over secured creditors on a GST/HST debtors’ property

In Toronto-Dominion Bank v Canada,1 the Federal Court of Appeal (FCA) upheld the Federal Court’s decision2 that the Toronto-Dominion Bank (TD) was required to pay to the Canada Revenue Agency (CRA) proceeds of $67,854 for unremitted GST that TD received as repayment from a borrower upon the discharge of a TD mortgage.

Filed under:
Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Due diligence, Federal Court of Appeal (Canada)
Authors:
Bobby B. Solhi , Braek Urquhart
Location:
Canada
Firm:
Borden Ladner Gervais LLP