As New Brunswick's Irving family raced to break up their multibillion-dollar corporate empire in 2010, three brothers agreed on at least one common goal: they needed to keep their tax bills down.
Logos for Irving Oil and J.D. Irving Ltd. can be seen on neighbouring properties on Union Street in Saint John.
A "growing conflict" between the three branches of the family was "increasingly problematic," Keith Bruce-Smith, a London lawyer representing some of J.K. Irving's grandchildren, wrote in a March 2010 legal affidavit filed in Bermuda. Despite the tensions, the three branches of the family saw eye-to-eye on the need to finalize the reorganizing of their assets by the end of 2013 to beat a major change to Canadian laws on taxes and trusts.
The plan that took shape in 2009 and early 2010 was to declare those two trusts void, fold their assets into the K.C. Irving Estate Trust, then divide that among the three families. The Irving family is among Canada's wealthiest. J.K. Irving's fortune has been estimated by Forbes Magazine at between $4.1 billion and $8.3 billion over the last decade. His brother Arthur's has ranged from $1.9 billion to $5.5 billion. The third brother, Jack, died in 2010.
By appointing non-Canadian residents as trustees, Irving was ensuring the money could not be taxed in Canada, experts said at the time.Most expensive trust rearrangement 'in legal history'
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