Quote:
Originally Posted by SaskScraper
I don't really approve of paying extra taxes, especially if it's propping up businesses for people who flaunt their extravagant lifestyles but expect the government to cover the risk if their businesses are in trouble.
Cirque du Soleil founder Guy Laliberté got a 10% tax break on paying to be a space tourist by calling his trip in Russian Soyuz TMA-16 rocket to the International Space Station a "Business Expense".
Yet in May of this year the Quebec Government, with $200 million US is bailing out the hard hit by CoVid Cirque du Soleil company which Guy Laliberté wants to buy back for a steal.
https://nationalpost.com/news/cirque...se-court-rules
https://globalnews.ca/news/6992675/c...l-loan-quebec/ |
The corporation did not deduct any of the costs of the trip for tax purposes. The issue was whether the trip is considered a shareholder benefit. He originally included $4 million as a shareholder benefit hoping it would satisfy CRA. Ultimately it was decided that 10% of the trip was for business reasons, so $37.6 million was a shareholder benefit.