Mutual-fund seller AGF Management Ltd. has settled a federal tax case over income shifted from Canada to an overseas subsidiary.
The company has recently disclosed that the Canada Revenue Agency sought a total of $71.9-million in back taxes, interest and penalties related to the period spanning 2005-10. An agreement has since been reached, but the terms were not disclosed.
In its latest quarterly report, AGF said the disagreement over taxes owed relates to transfer pricing with a foreign jurisdiction. The AGF disclosures do not mention whether the issues relate to operations in Ireland or Singapore.
AGF is one of the largest independent investment managers in Canada with approximately $37-billion in total assets under management.