FCA suggests that investors in a gifting tax shelter might be better off suing their own advisors instead of the CRA for issuing a tax shelter number. The investors had attempted to sue for the CRA for negligence on the basis that the CRA issued a tax shelter registration number to the promoter and did not warn them (the investors) of potential problems. The FCA struck the statement of claim for “failing to assert a cognizable cause of action”.

Link: http://decisions.fca-caf.gc.ca/fca-caf/decisions/en/127573/1/document.do