Greg Peet quits UBC board over $1M tax fight
Peet is accused of using avoidance transactions designed to reduce his tax bill
The UBC board of governors has lost another member, this time over a dispute with the Canada Revenue Agency.
Tech entrepreneur Greg Peet resigned from the board Thursday over ongoing litigation related to the alleged avoidance of $1 million in taxes by a company he incorporated.
In December, the B.C. Supreme Court dismissed an appeal by Veracity Capital Corporation to overturn a CRA ruling. That ruling found deliberate steps were taken to avoid paying $1 million in taxes in a move colloquially known as the 'Quebec Shuffle.'
Peet was re-appointed to the UBC board by the B.C. government in March 2015, at which time, Advanced Education Minister Andrew Wilkinson said Thursday, the government were aware of an issue with the CRA.
"There was disclosure that there was an issue with Revenue Canada, which many of us have experienced," Wilkinson said.
"The fact of the litigation has now become clear and Mr. Peet has decided to step aside during the litigation so that the primary mission of UBC can focus on teaching and research."
According to Wilkinson, the issue revolves around whether Peet is entitled to a refund on his 2008 taxes.
"He has actually paid his taxes in 2008 and there is ongoing litigation over whether or not he gets a refund."
Wilkisonson said Peet had resigned because he felt the dispute was becoming a distraction from his primary goal of serving UBC.
Freedom of Information documents released in January showed Peet had taken part in a meeting set up by former UBC Board of Governors chair John Montalbano with Arvind Gupta, then the university's president.
Gupta, who was told at the time that the meeting was to be a "quick, confidential discussion, not captured on email", resigned abruptly from his position just a few days later.
With files from Richard Zussman