By The Canadian Press

B.C. property firms say $91M tax bill will jeopardize construction

Feb 20, 2026 | 4:50 PM

VANCOUVER — British Columbia property companies controlled by prominent developer Terry Hui say a tax bill of more than $91 million will jeopardize construction projects if they’re made to pay up after a 12-year audit by the Canada Revenue Agency.

Vancouver-based Adex Securities Ltd., One West Holdings Ltd. and an affiliated numbered B.C. company filed an application in Federal Court earlier this month seeking to halt the minister of national revenue from issuing tax assessments dating from 2007 to 2013.

The application says an audit of the companies began in 2013, examining payments to related corporations based in Luxembourg, looking into potential tax avoidance and so-called “treaty abuse.”

It says the transactions at issue involve the routing of interest payments to companies in Luxembourg, but the developers claim they weren’t for tax avoidance purposes.

The companies say in the application they will “suffer irreparable harm” if made to pay the $91 million tax debt, plus interest, claiming they couldn’t have “reasonably planned for a debt of this magnitude” without advance notice from the minister.

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The application says one or two construction projects will be halted if the companies lose $91 million of working capital, while the companies allege the CRA acted improperly by trying to maximize the amount recovered near the end of the fiscal year to “improve performance metrics” while under threat of federal job cuts.

This report by The Canadian Press was first published Feb. 20, 2026.

Darryl Greer, The Canadian Press