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Ryan Morris discusses taxes and Ponzi schemes in the Toronto Star and the Lawyers Weekly
January 2012
Ponzi scheme windfall not subject to Canadian tax, court rules
January 31, 2012 - Toronto Star
Richard J. Brennan
Ryan Morris, a partner in the Tax Litigation and Dispute Resolutions Group at the Toronto office of McMillan LLP, discussed the taxing of proceeds from a Ponzi scheme in an article titled Ponzi scheme windfall not subject to Canadian tax, court rules in the January 31, 2012 edition of the Toronto Star.
""The Canadian tax system is a source-based system, not merely accretions of wealth . . . Gambling winnings, inheritances, gifts, those are examples of amounts that are not considered from a source. In a lot of ways, amounts received from Ponzi schemes can be seen as gambling," Johnson's lawyer Ryan Morris, a partner with McMillan LLP in Toronto, explained to the Toronto Star Tuesday."
Ryan also discussed this topic in an article titled Court says Ponzi money not taxable that appeared in the February 3, 2012 edition of Lawyers Weekly.
"In Canada, for money to be considered taxable income, it must come from a source such as a business or property, explained Ryan Morris, a partner with McMillan LLP in Toronto. "It is not enough to merely have an accretion of wealth. For example, gifts, inheritances, and gambling winnings are common items of wealth accretion that are not subject to tax because there is no source of income.""
Please click here to read the article in the Toronto Star. Please click here to read the article in the Lawyers Weekly.
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