Controversial Blue Bridge has resigned to provide Revenue Canada with a list of wealthy clients who have used their trusts to avoid paying taxes in France.
Also read: Rich French soon unmasked
The Montreal Wealth Management Agency released a press release yesterday in response to the Supreme Court’s decision on Thursday not to hear an appeal filed against Revenue Canada.
“The Blue Bridge Trust Company has noted the Supreme Court’s refusal to hear its appeal and will therefore provide Canadian tax authorities with additional information requested by France regarding the 14 trusts for a number of years,” the press release said.
Revenue Canada is acting on behalf of France in this matter.
Keep in mind that Blue Bridge has fought for years in court to prevent information about trusts or trust beneficiaries from being transmitted in English.
French daily newspaper Release This week Sedoux, behind some Montreal trusts, published the names of the wealthiest French families, including Schlumberger and Gerand-Hermes.
The comments, however, by French Finance Minister Bruno Le Myre, undoubtedly indicate that the company intends to abide by the Supreme Court’s decision, which, no doubt, refers to the “will of France”. Transfer the legacy of Canadian trusts to the ISF [impôt sur la fortune] .