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Results: 91 - 105 of 174
Lucia Iacovelli
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Lucia Iacovelli
2021-05-06 17:09
We provided products, which was the offshore product, until 2003. We have not provided any products after 2003.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:09
Prior to 2003, this product you provided was the OCS program.
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:09
It was the OCS structure, correct.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:09
All right.
Just for complete clarity, when you're referring to that product for these offshore structures, was the purpose of those structures to reduce the tax exposure of your client companies?
Lucia Iacovelli
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Lucia Iacovelli
2021-05-06 17:09
With respect to the offshore structure, the purpose of the structure was that it would mimic a non-resident trust. Back in those days, those trusts were very much—
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:10
Okay. My question was very simple. Was it to reduce the tax exposure of your client companies?
Lucia Iacovelli
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Lucia Iacovelli
2021-05-06 17:10
Unfortunately, it's not a yes or a no answer, Mr. Fast. It's a very complex tax act. The last time I looked, it was over 2,300 pages.
With respect to the offshore structure, the offshore structure very much operated like a non-resident trust, which was very much accepted by the government. The government welcomed those types of structures because they allowed for wealthy non-residents to move to Canada and establish residency in Canada.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:10
Okay, then it was about reducing the tax exposure of your clients.
Lucia Iacovelli
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Lucia Iacovelli
2021-05-06 17:10
Mr. Fast, with respect to the offshore structure, again, it's very complex. It's not just a yes-or-no answer.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:11
I hate it when accountants try to hide behind complexity to avoid answering questions.
Let me ask you this: Why was the program terminated?
Lucia Iacovelli
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Lucia Iacovelli
2021-05-06 17:11
The program was terminated because we very much felt that the landscape was changing. We very much felt that it was legal, and it also passed the GAAR testing, but at the time, KPMG was very much changing its views with respect to tax and what was acceptable from a responsibility perspective. The world was changing also with respect to what was socially acceptable.
I appreciate that I'm getting the sense that everyone feels I'm not being co-operative, but I want to point out that it's not my intention.
We are here voluntarily today. I am providing all the information that I'm able to provide. I think that you have to appreciate that my code of conduct precludes me from discussing specific client situations. I am happy—
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:12
I never asked you to discuss specific client situations. I just asked you a very general question about the tax consequences of the OCS program. Now I did want to ask one more.
You've served notice for libel on the CBC for its reporting, but your firm did face legal sanctions in the U.S. from the advice you gave to clients respecting the offshore structures, correct?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:12
I'm not familiar with what occurred in the U.S. I'm not connected with that matter whatsoever.
View Ed Fast Profile
CPC (BC)
View Ed Fast Profile
2021-05-06 17:12
You have no knowledge about that at all—is that what you're telling me?
Lucia Iacovelli
View Lucia Iacovelli Profile
Lucia Iacovelli
2021-05-06 17:12
I do have knowledge of it, Mr. Fast, but I don't—
Results: 91 - 105 of 174 | Page: 7 of 12

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