Writing off your investment losses this tax season? You're out of luck if you were one of Madoff's Canadian clients

    TORONTO, April 28 /CNW/ - For tax, legal and business writers covering
timely and relevant stories for their readers, leading tax expert Jack
Bernstein is available to provide commentary and analysis of the Bernard
Madoff scandal from a Canadian perspective.
    The $50-plus billion fraudulent scheme stunned the world, but Canadian
investors in particular were doubly duped. Not only were they victims of one
of the biggest frauds in history, but, since the CRA stipulates that a direct
investment in a fraudulent business is not deductible as a non-capital loss,
there is no financial relief. In contrast, the IRS is allowing American
investors defrauded by Madoff to claim theft losses as deductions on their tax
    With tax season coming to a close, Jack can comment on what fraudulent
activities and Ponzi schemes like the Madoff scandal mean to Canadian
investors. He can explain how the legalities affect taxpayers, their
investments and their financial futures. His article, "The Madoff Victims - A
Canadian Perspective" was featured in the April 13, 2009, issue of Tax Notes
International, the world's only weekly journal of international taxation.

    About Jack Bernstein

    Jack Bernstein is a senior tax partner with Canadian law firm Aird &
Berlis LLP and chair of the firm's International Tax Practice. Jack is well
known in international tax planning, mergers and acquisitions, corporate
restructuring, reorganizations, and financing. He is experienced in dealing
with public and private corporations, also advising hedge funds, venture
capital funds and real estate funds. Jack is Co-Chair of the International Bar
Association's Taxes Committee. He is also listed in the prestigious Chambers
Global Legal Directory as a leading Canadian tax lawyer and is recognized in
the 2009 edition of The Best Lawyers in Canada in the specialty of Tax Law.

    About Aird & Berlis LLP

    Aird & Berlis LLP comprises a diverse group of more than 120 of Canada's
most talented lawyers. The firm provides a wide range of legal services for
Banking, Corporate/Commercial, Corporate Finance, Energy, Environmental,
Insolvency and Restructuring, Litigation, Municipal and Land Use Planning,
Real Estate and Tax. The firm is dedicated to providing strategic legal advice
and seamless service to clients worldwide.

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For further information: or to arrange an interview please contact:
Marla McAlpine, Director of Marketing at (416) 865-7781 or

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