Deans Knight Income Corporation Announces Intention to Seek Leave to Appeal Tax Case to the Supreme Court of Canada

VANCOUVER, British Columbia, Aug. 19, 2021 (GLOBE NEWSWIRE) -- Deans Knight Income Corporation (the "Company") announces that it intends to file an application with the Supreme Court of Canada seeking leave to appeal the August 4, 2021 decision of the Federal Court of Appeal.

The Federal Court of Appeal's ruling overturned an earlier decision of the Tax Court of Canada, under which the Tax Court determined that the Company had properly deducted its tax attributes in computing taxable income for its 2009 to 2012 taxation years. In overturning the Tax Court's decision, the Court of Appeal applied the general anti-avoidance rule to deny the Company's deductions.

The Company has until October 4, 2021 to file its application with the Supreme Court of Canada to restore the judgment of the Tax Court of Canada. The Government of Canada will be required to file a response to the application within 30 days. It is expected that the Supreme Court of Canada will decide whether to grant leave to hear the appeal sometime in 2022.

Disclosure regarding forward-looking statements

This news release includes forward-looking statements about expected future events, including, but not limited to, the anticipated timing of the Supreme Court of Canada's decision on whether to grant leave to hear the Company's appeal. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and you should not unduly rely on forward-looking statements.

These forward-looking statements are based on various assumptions including, but not limited to, the estimated timing of the Supreme Court of Canada's decision on whether to grant leave to hear the Company's appeal. By their nature, forward-looking statements involve numerous known and unknown risks and uncertainties and other factors that contribute to the possibility that the predicted outcome will not occur, including, without limitation: the risk that the Supreme Court of Canada will decide against granting leave to hear the Company's appeal or will otherwise delay its decision until later than the Company currently expects. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.