Cirque de Soleil founder can't write off $41M he spent on space flight as a business expense, court rules
EDMONTON — In an “unusual and exotic” court case, Canada’s Federal Court ruled that Cirque de Soleil founder Guy Laliberté — Canada’s first space tourist — won’t be able to recover the tens of millions of dollars he spent on his 12-day trip to the International Space Station.
“It’s not common that people are flying into space every day, but it’s common that people are assessed with shareholder benefits,” Golombek said. “You and me are not flying into space every day, but the issue is really relevant in terms of the principle.” “I find that the motivating, essential and overwhelmingly primary purpose of the travel was personal,” wrote Tax Court Justice Patrick Boyle at the time.
The Tax Court had set the business portion of the trip at 10 per cent, or $4.2 million, which means that the remaining 90 per cent of the trip represented the amount that is a taxable benefit.
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