The Canadian tax system is riddled with loopholes. Getting rid of them is essential to achieving tax fairness and a system that works for all of us. Take a minute to send this email to Ottawa. Tell the Prime Minister, Finance Minister and your MP that you expect them to stand up for tax fairness and that they can start with a good clean sweeping out in the loophole department.
The same KPMG lawyer who sent a gag order letter to the Parliamentary Finance Committee wrote to the Federal Court on behalf of CRA and KPMG "informing" the judge that both parties had agreed to another extension. The case is already three years old.
In this six point summary to the Finance Committee of Canada's Senate, C4TF Executive Director Dennis Howlett outlines how strong budget measures can help achieve tax fairness both in Canada and globally. It was presented on June 8, 2016.
What do recent revelations about Panama, the Isle of Man and other taxdodging schemes say about the accounting profession? Accountant and business ethics professor Paul Dunn says it is time for the accounting industry to take a good long look at itself - what it is now and what it could be.
In a pre-emptive move, Royal Bank of Canada has agreed to give the Canada Revenue Agency records on hundreds of its clients revealed in the Panama Papers. The files stretch out over 40 years of RBC’s involvement in Panama.
This is good news – but here’s a backstory to consider: It wasn’t a decision RBC took simply because it was the right thing to do. The Canada Revenue Agency went to the Federal Court with a motion to get those files. CRA argued that it needed to investigate whether the 429 offshore companies RBC set up or handled in Panama through Mossack Fonseca had been used to evade tax. It also came days before the International Consortium of Investigative Journalists releases a list of Canadian offshore companies registered in Panama, as well as the names of shareholders and directors.