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BOARDWALK RECEIVES CONFIRMATION THAT IT WILL RECEIVE NOTICES OF REASSESSMENT OF TAX
BOARDWALK RECEIVES CONFIRMATION THAT IT WILL RECEIVE NOTICES OF REASSESSMENT OF TAX Can...
About this update from Boardwalk Real Estate Investment Trust
[{"type":"text","content":"\n \n \n \n BOARDWALK RECEIVES CONFIRMATION THAT IT WILL RECEIVE NOTICES OF REASSESSMENT OF TAX\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Dec. 12, 2023\n \n \n /CNW/ -\n \n Boardwalk Real Estate Investment Trust\n \n (TSX: BEI.UN)\n \n \n Boardwalk Real Estate Investment Trust (\"Boardwalk\", the \"REIT\" or the \"Trust\") announces that it has received a letter from the Canada Revenue Agency (the \"CRA\") informing Boardwalk that the CRA will be issuing notices of reassessment of tax (\"CRA Letter\").\n \n \n The CRA Letter outlines that when issuing its notices of reassessment, the CRA will be increasing the Trust's taxable income by\n \n $5.6 million\n \n ,\n \n $20.6 million\n \n ,\n \n $14.1 million\n \n and\n \n $0.06 million\n \n for its taxation years ended\n \n December 31, 2011\n \n , 2012, 2013 and 2014, respectively, on the basis that the Trust did not report deemed taxable capital gains in each of those taxation years resulting from\n \n alleged\n \n negative adjusted cost base in the Trust's units of Top Hat Operating Trust.\n \n \n Management is assessing the implications of the CRA Letter and once it receives the notices of reassessment, the Trust has 90 days to file a notice of objection to the expected reassessments. The Trust intends to file an objection with the CRA Appeals Division as it disagrees with the CRA's proposed assessment.  The Trust will not be required to pay any amount to the CRA in order to dispute this matter.\n \n \n It is difficult to estimate the amount of time that it could take to resolve the dispute with the CRA Appeals Division and it is possible that an appeal to the Tax Court of\n \n Canada\n \n could be required in order to resolve this dispute.\n \n \n \n \n CORPORATE PROFILE\n \n \n \n \n Boardwalk REIT strives to be\n \n Canada's\n \n friendliest community provider and is a leading owner/operator of multi-family rental communities. Providing homes in more than 200 communities, with over 33,000 residential suites totaling over 29 m...