March 15 2011
Toronto, ONT: A class action lawsuit has been commenced in the Ontario Superior Court of Justice on behalf of all persons who participated in the Donation Program for Medical Science and Technology (the "Program") offered by Trinity Capital Corporation in at least one of the taxation years of 2001, 2002 or 2003. The Program was marketed as a tax shelter that permitted participants to make leveraged donations to charities.
The lawsuit alleges that donors who participated in the Program used their own funds for a portion of the donation and were provided with the option of financing for the balance. Official charitable donation income tax receipts were provided to each donor for an amount that included the financed portion of the donation. Subsequently, the Tax Court of Canada disallowed the income tax credits claimed by the donors. As a result, the donors lost tens of millions of dollars on account of disallowed income tax credits and various other fees collected by some of the defendants.
The plaintiff alleges that the defendants were negligent in designing, promoting, and operating the Program.
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