Vancouver-based property firms controlled by developer Terry Hui have launched a legal challenge against the federal government over a tax assessment exceeding $91 million, a dispute that the companies claim threatens future construction projects. The claim, filed in Federal Court earlier this month, seeks to halt the minister of national revenue from enforcing the assessments, which stem from a 12-year audit initiated in 2013.
Adex Securities Ltd., One West Holdings Ltd., and an affiliated numbered B.C. Company allege the Canada Revenue Agency’s (CRA) assessment jeopardizes ongoing and planned developments. The audit focused on payments made to related corporations located in Luxembourg, with the CRA investigating potential tax avoidance and “treaty abuse,” according to court documents.
The companies argue the transactions involving the routing of interest payments to Luxembourg were not intended for tax evasion. The legal action asserts that forcing payment of the $91 million bill will significantly impact their financial capacity to undertake future construction, potentially stalling projects and impacting the British Columbia economy.
Terry Hui is the CEO of Concord Pacific, a major real estate developer in Vancouver. The court application details that the audit began in 2013, examining financial activities spanning from 2007 to 2013. The firms are seeking a judicial review of the CRA’s findings and a stay of the tax assessments while the case proceeds.
As of February 21, 2026, the federal government has not publicly responded to the lawsuit. A hearing date has not yet been scheduled, and the outcome of the case remains uncertain.
