Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Report on Business

Streetwise

News and analysis on Bay Street and the world of finance
available exclusively to subscribers of Globe Unlimited

Entry archive:

Saputo president and CEO Lino Saputo Jr., right, and his father Lino, chairman of the board, get set for the the company's annual meeting in Laval, Que., on Tuesday, July 31, 2012. (Paul Chiasson/THE CANADIAN PRESS)
Saputo president and CEO Lino Saputo Jr., right, and his father Lino, chairman of the board, get set for the the company's annual meeting in Laval, Que., on Tuesday, July 31, 2012. (Paul Chiasson/THE CANADIAN PRESS)

Saputos undertake ‘tax planning’ as taxes set to rise Add to ...

Editor's note: This article has been updated to add National Bank Financial as one of the lead underwriters on the Saputo share sale.

With the two parties that are leading in the Quebec elections both saying they will raise capital gains taxes on high-income earners, look for more tax planning such as the unloading of almost a quarter-billion dollars of stock by Montreal's wealthy Saputo family.

More Related to this Story

The Saputos announced a plan to sell $130-million of stock in Saputo Inc., the cheese maker that made the family's fortune. The sale of 3.1 million shares, led by National Bank Financial and BMO Nesbitt Burns, takes the family's stake from 35.3 per cent to 33.7 per cent. A note to potential buyers said that the purpose was “tax planning.”

The family also sold on Aug. 23 about $150-million of shares in TransForce Inc., cutting its investment in the delivery company by about half. That deal was led by BMO and National Bank of Canada.

The Parti Quebecois plans to raise capital gains taxes, leader Pauline Marois said on Wednesday. That matches a similar pledge by the Coalition Avenir Québec. The parties are No. 1 and No. 2 in the polls, ahead of the Liberal Party that is currently in power. The election is Monday.

 

Topics:

In the know

Most popular videos »

Highlights

More from The Globe and Mail

Most popular