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.
Under the FATCA rules, financial institutions are obligated to provide the IRS with information about accounts and holdings of U.S. citizens. Basically, the IRS is trying to make sure you are not hiding money overseas though Canada is hardly a tax haven. But there is more to this overreaching legislation that just tracking down deadbeat U.S. citizens.
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.
A glimpse at an enormous trove of leaked records about secret companies and accounts is being opened to the public in hope