BMO in Trouble with CRA

One of Canada's largest banks is in trouble with the CRA.

BMO orchestrated a tax avoidance scheme that allowed them to not pay some tax.

Over a period of five years, the Bank of Montreal used foreign shell companies to make it look like they had bigger losses than they actually did.

BMO operations in the United States transferred $1.4 billion US to companies in Nevada, Nova Scotia and Delaware.

The CRA alleges that this allowed the bank to inflate losses by $288 million Canadian to dodge millions of dollars in tax.