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All but four of the largest TSX-listed companies are "doing business" in known tax havens.
With the number of people calling themselves corporations tripling between 2001 and 2014, the time to act is now.
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According to recent media reports based on the Panama Papers, some see Canada as a tax haven. It may seem unlikely when you are reviewing how much tax you paid to the government in 2016 but evidently, our reputation and economy is a good venue for hiding wealth.
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The money that pour into tax havens does not stay there, but is invested in various countries. However, any financial flow through a tax haven makes it tax-free, and any return on it tax-free as well. Corporations and wealthy individuals invest their finances through tax havens to avoid paying taxes or reduce their tax burden. Canada is no more immune to it than any other country.
Johnny Chih-Chung Chang
“I’m not going to stand up and say the economy grew by 26 per cent.”
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.
Journalists and curious citizens are busily combing through a searchable database of names linked to the Panama Papers leak of offshore accounts. The International Consortium of Investigative Journali...
Leaving the country to avoid taxes could be more hassle than it's worth.
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Offshore accounts cost U.S. government $111 billion a year.
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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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More than a third say it's at least "slightly" likely they would try legal tax avoidance.
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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Percy Downe has been fighting for years to get Canada to measure its tax gap.
It may be tempting to pay for certain things in cash because we think that saving a few dollars here and there can't hurt; however, we fail to see the larger impact of what happens when we do. The underground economy makes it challenging to protect the country's revenue base and hinders the government's ability to keep taxes low. When people pay in cash, they skip out on paying the taxes that support things like healthcare, education and public transportation -- the very social services we rely on every day.
Granted that Zuckerberg and other wealthy individuals do such public and private acts and structure their affairs to their advantage, my point is that most people will do the same and nobody does anything without expecting something in return, be it material benefits, fame, feeling good about oneself, reward in the afterlife, or other tangible and intangible benefits.
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Top Conservative cabinet ministers met publicly with senior staff from KPMG's tax division, and one went so far as to promote the firm, even as the Canada Revenue Agency was alleging the company set u...
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QUEBEC - Quebec's finance minister says he understands Bombardier Inc. pays its taxes according to Quebec and Canadian laws and that "we receive what we should receive."But nevertheless Carlos Leitao...
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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...
VANCOUVER - The lines are now open to snitch on tax cheats.The federal Conservatives launched the hotline Wednesday, saying they'll also reward informants who provide information that leads to a big b...
Cameco is a multi-billion Canadian company that mines Canadian uranium, uses Canadian-developed technology, and relies on Canadian transportation system. Cameco employees use the Canadian education system, the Canadian health system, and they rely on the stability and legal protection that a Canadian democracy provides. So why does Cameco only pay taxes in Switzerland?
I've always enjoyed Gérard Depardieu as an actor, but his most recent role, as an international tax dodger, is pure Academy Award quality. For those unaware of his theatrics, Depardieu left France last month in a huff over its proposed 75% income taxes on rich people. This is ironic: His surname in French sounds like it could mean "departure of God" in English.