Toronto-based Aimia expects a refund of about $27-million in connection with a 2013 income tax audit of its former subsidiary Aeroplan Inc.Adrien Veczan/The Canadian Press
Toronto-based Aimia Inc. AIM-T says it has reached a settlement with the Canada Revenue Agency and expects a refund of about $27-million in connection with a 2013 income tax audit of former subsidiary Aeroplan Inc.
The company says it plans to use the money to help buy back shares and for general working capital purposes.
Aimia sold Aeroplan to Air Canada in January, 2019, but agreed to indemnify the airline for pre-closing income tax liabilities and put $100-million into an escrow account.
In 2019, Aimia paid $32.9-million from the escrow account to the CRA and the provincial tax agency, Revenu Quebec, after a notice reassessment for the 2013 audit.
The balance of the escrow account was released to Aimia in July, 2020.
Aimia says it will now seek the remaining $6-million from Revenu Quebec.