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It is outrageous enough that wealthy clients got off with a slight reprimand. KPMG has, so far, paid no price for their role. The committee let Canadians down by not recommending a full investigation into this case and laying charges against KPMG if the evidence warrants it. And Canadians are right to keep demanding one.
There's been a lot of outrage over a new report that shows that Canada's wealthiest CEOs are paid 193 times more than the average Canadian. But there's an even darker side to the story. Ordinary taxpayers are subsidizing those multimillion-dollar salaries, courtesy of loopholes in our tax system.
In regards to tax evasion and aggressive tax avoidance, the Canada Revenue Agency (CRA) should be part of the solution. At the moment, it rather seems to be part of the problem. Over the last few years, we have seen that the CRA institutionalized various practices, eroding the trust that Canadians place in it.
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Last April, the International Consortium of Investigative Journalists revealed the "Panama Papers" scandal, a database of 11.5 million documents leaked from the Panamanian law firm Mossack Fonseca. T...
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The issue of tax havens is inherently international in scope. As a result, the government can use tax agreements to fight tax avoidance schemes. Unfortunately, tax agreements haven't been used for that purpose. On the contrary, they have facilitated the outflow of Canadian money to offshore financial centres, and have done very little to break the damaging secrecy laws of these countries.
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Liberal and Conservative members of the Finance Committee seem to have little appetite to pursue the matter any further and the committee will release its report this fall, and will move on to something else. As long as politicians will be timid and fearful of using their power, Canadians have little hope of seeing the issue of tax evasion or aggressive tax avoidance being addressed seriously by their politicians.
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Twenty-first century "Canadian" corporate capitalism is quite the racket. Built with public subsidies, a Montréal firm can shift its "head office" to a tax haven and workforce abroad, but Ottawa will continue to use its diplomatic, economic and military might to advance the company's reactionary international interests.
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Barbados was the top destination.
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It is hard to know exactly how much money is hidden in tax havens or passed through elaborate BEPS schemes, but some estimates range from $21 trillion to $32 trillion U.S. Rather than throwing in the towel, governments could make an earnest effort to tighten their domestic regulations and continue to pursue multilateral initiatives aimed at combating tax evasion.
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Is it collusion, corruption or just plain incompetence? That answer will likely play out over time if there is a public demand for accountability. In the meantime, Canadians need a plan to make sure that our leaders understand what we have known for a while -- the tax system is neither fair nor doing an adequate job.
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The Liberals' primary planned revenue generator is the increased tax rate for Canadians in the upper income tax bracket but it's coupled with a one-and-a-half percent cut for middle income earners. They originally claimed that these measures taken together would add $3 billion to the federal coffers. However, they're already backing away from that rosy prediction.
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OTTAWA - Canadians' use of tax havens for both legal and illegal purposes appears to be growing despite government efforts to curtail the practice, says a new paper from a tax avoidance watchdog.Canad...
As Canadians dutifully file personal income tax returns during the coming weeks, consider this: many profitable companies pay little or no tax. In an interview this week on The Sunday Edition, Dennis...
Some of Canada's biggest companies pay virtually no taxes, according to an investigation from Canadian Business magazine. Their report finds companies like BCE, MTS and Canadian Pacific Railway pay le...
In the real world, much of the money the rich and corporations gained from tax cuts is being socked away, often in tax havens. The amount of Canadian money in tax havens is at an all-time high. One of the main reasons corporations are not investing is that demand for products and services is weak because of stagnant incomes of middle and lower income Canadians.
Eugene Melnyk owns the Ottawa Senators. He's Canadian. He owns Canadian businesses, but lives in Barbados. Here's where the CBC and the CRA come in. With their recent bit of "hidden-camera" journalism, the CBC concluded that Barbados is a haven for Canadian corporate tax evaders.
A CBC News hidden camera investigation into the world of offshore banking revealed bankers, lawyers and accountants providing advice on hiding money from Canadian tax authorities. More than half of t...
OTTAWA - The federal government is bringing in new rules to monitor people who may be hiding property offshore.Revenue Minister Gail Shea says a tougher foreign income verification statement will help...
Our government is taking action to ensure that our tax laws are respected, while simultaneously working at home and abroad to ensure that our tax system meets Canadians' expectations of fairness and transparency. We are supporting international talks to better share information and working to close loopholes.
Stephen Harper's decision to protect those who use international tax havens to evade paying their taxes is inexplicable and unacceptable. Canadian companies should be good global citizens paying their fair share of taxes in countries where they operate, not hiding behind tax shelters and shell companies. After all, tax evasion is hurting the Canadian economy as well -- one estimate puts the cost at $7.8 billion per year, or slightly more than the amount the government will spend on infrastructure in First Nations communities over the next decade. Yet the government will not even provide the Parliamentary Budget Officer with the data necessary to calculate an official figure.
DUBLIN - Prime Minister Stephen Harper says he has no qualms about a G8 proposal to combat tax havens."We have no reservations in principle," Harper said Sunday in Dublin ahead of the G8 summit.But th...
The amount of money hidden from Canada’s tax collector has reached a record $170 billion, by one estimate, but critics of the Harper government say the prime minister is doing nothing about tax evasio...
A tax haven (or "fiscal paradise" in french) seems like a benign, if rampant, breach of the law. It's just a matter of shifting money around, right? Except when a secret company/tax haven is used to shield the activities of a notorious African dictator. Suddenly, the mysterious offshore world no longer seems so harmless.
The president of the West Edmonton Mall. A prominent Ottawa philanthropist. A notorious fraudster. A pioneer of internet webcasting. They are just a handful of the hundreds of Canadians named in the...
SASKATOON - Senator Pana Merchant and her husband, lawyer Tony Merchant, have launched a libel lawsuit against the CBC.A statement of claim filed in Saskatoon Court of Queen's Bench involves a CBC sto...
Canada's tax compliance rate is currently about average for OECD countries, but it could erode if the government does not do more to make taxes fairer and go after tax cheats more aggressively. Given the size of the tax-haven problem, it is a false economy to be cutting back on CRA capacity.
Only 44 Canadians have been convicted of offences related to offshore tax havens since the Harper government came to power — a period during which the amount of Canadian money held in the largest offs...
OTTAWA - The Conservatives are beefing up the tools used to go after tax cheats in the hopes of recovering billions in lost revenue.A team of six to 10 bureaucrats will be assigned to work only on pin...
Canadian money in tax havens is at an all-time high -- $160 billion according to a 2011 estimate -- and growing. That's not likely to change if today's Federal Finance Committee Report on Tax Havens has anything to say about it.
The federal government needs to take steps to stop tax cheaters from hiding their money in offshore havens, a parliamentary committee maintains in a report tabled today, but opposition MPs say the pro...
OTTAWA - Wealthy Canadians with money stashed overseas have come forward in droves to confess their misdeeds after secret lists began circulating with the names of people apparently evading taxes in f...
HALIFAX - Ottawa will use the courts to try and get the Canadian Broadcasting Corporation to hand over leaked data naming people who have allegedly used offshore tax havens, National Revenue Minister...