Bioartificial Gel Technologies (BAGTECH) Inc. v. The Queen

In the recent case “Price Waterhouse Coopers Inc., agissant ès qualité de syndic à la faillite de Bioartificial Gel Technologies (BAGTECH) Inc. v. The Queen,” the Tax Court of Canada ruled in favour of Bagtech that it qualified as a Canadian-controlled Private Corporation (CCPC). Even though more than 50% of Bagtech’s voting shares were owned by non-resident shareholders, it was deemed that they did not legally control Bagtech, because according to their shareholder’s agreement, Bagtech’s Canadian resident shareholders had the power to elect a majority of Bagtech’s board of directors.

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