Hey Canada! It's 2016. Do you know where your money is?
In the span of a single year, $40Billion Canadian flowed to the top 10 tax havens – an all time high. Tax havens now hold at least $270B of Canadian corporate money, mostly untaxed. And this was all happening while the Department of Finance and the Canada Revenue Agency was assuring us that they had it all under control.
Read on to find out the most popular tax havens for wealthy Canadians... and more importantly, how to turn this problem around.
The young auditor who blew the whistle on secret tax deals between Luxembourg and Apple, Starbucks and several powerful Canadian multinationals is going to trial next week. He’s got a message for Canadians.
Why is Canada's National Revenue Minister not acting to clamp down on tax haven use and use the courts to do it? Super-wealthy clients could not be sending their money offshore with such ease if it weren't for the aggressive and secret global wealth management industry. Instead the government continues to engage with firms KPMG, which gets millions in federal contracts each year.
An anonymous source, 11 million leaked documents, and a year-long investigation effort by 400 journalists in over 80 countries have yielded the Panama Papers, an unprecedented look at how the world's rich and powerful from political leaders to celebrities to criminals, use tax havens to hide their wealth. Read on to find out how it works.
The Liberal government has caved on their campaign promise to close the stock option loophole. Too bad, because it costs Canada $1Billion a year and Canadians definitely don't get their money's worth. Among the biggest winners of the stock option loophole are Bank CEOs.
"I talked to people about this," he says. Sounds like he was talking to the wrong people.