The Federal Court of appeal has upheld the Tax Court of Canada’s 2018 decision that found in favour of uranium major Cameco in its tax dispute with Canada Revenue Agency (CRA).
The dispute centres on reassessments that CRA issued for the 2003, 2005 and 2006 tax years.
“Four judges have now found that Cameco complied with both the letter and intent of the law. We followed the rules, yet this 12-year dispute has caused significant uncertainty for our company and our stakeholders at a time when we have been navigating through some of the most challenging global market and economic conditions we have ever faced,” said Cameco president and CEO Tim Gitzel.