Brief: Tree Island Receives Notices Of Reassessment From CRA

Tree Island Steel

20/09/2023 23:48

Sept 20 (Reuters) - Tree Island Steel Ltd  TSL.TO :
    * TREE ISLAND RECEIVES NOTICES OF REASSESSMENT FROM CRA
    * BELIEVES THAT CRA NOTICES ARE UNFOUNDED
    * INTENDS TO VIGOROUSLY CONTEST CRA NOTICES BY FILING
NOTICES OF
OBJECTION TO START APPEALS PROCESS
    * > - CRA NOTICES RELATE TO CERTAIN WRITE DOWNS IN 2015 FOR
BAD
DEBT AND CAPITAL ACCOUNT LOSSES RELATED TO INTERCOMPANY LOANS
    * PURSUANT TO CRA NOTICES DATED SEPTEMBER 1, 2023, TOTAL
TAXES AND
INTEREST OF APPROXIMATELY $11.8 MILLION  PAYABLE BY TII
    * CO, ON BEHALF OF TII, IS CURRENTLY IN DISCUSSIONS WITH CRA
ON 
PAYMENT FOR 50% OF CRA LIABILITY, OR $5.9 MILLION
    * EVALUATING CURRENT ACCOUNTING IMPACT AND RECORDING OF
ACCRUALS
RELATING TO CRA LIABILITY IN Q3

Source text for Eikon:  ID:nGNX6rhS4c 
Further company coverage:  TSL.TO 

 ((Reuters.Briefs@thomsonreuters.com;))