Dundee Corporation Wins Tax Court of Canada Appeal

Executive Summary

• Dundee Corporation successfully appealed CRA reassessments for the 2014 tax year in the Tax Court of Canada, resulting in judgments that favor the company and its subsidiary.
• The settlement is expected to generate a refund (including interest) on the $12.2 million deposited with the CRA, improving cash flow without impacting ongoing operations.
• Management emphasizes that the outcome has no material effect on the corporation’s business model or future tax positions.

Key Details

• Appeals concerned reassessments issued by the Canada Revenue Agency for the 2014 tax year for Dundee Corporation and Dundee Resources Limited.
• The Department of Justice consented to judgments allowing both appeals; the matter is now referred back to the Minister of National Revenue for reconsideration and reassessment based on Dundee’s filing position.
• Dundee’s Consolidated Financial Statements (as of December 31, 2024) show a $12.2 million deposit with the CRA related to the disputed tax year.
• The corporation expects a refund that will include interest, less any related liabilities, once the reassessment is finalized.
• No material changes to Dundee’s business model or future tax years are anticipated as a result of this settlement.

Notable Quotes

“We are satisfied to have reached a collaborative resolution with the Canada Revenue Agency,” said Lila Manassa Murphy, Executive Vice President and Chief Financial Officer of Dundee Corporation. “This settlement provides closure to a long‑standing matter and allows us to dedicate our full attention to advancing Dundee’s core strategy of unlocking value for our shareholders through consistent returns and durable sources of cash flow.”