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.
Want a glimpse of what kind of person gets involved with a Panamian law firm specializing in creating offshore companies and "handling" assets? Take a look at this video interview the Toronto Star has published with Canada's Danny Lalonde, a former professional boxer who dreamed of retiring to a tropical lifestyle.
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.
Up until now, he has been very quiet. But today, in this guest blog, the Panama Papers whistleblower known as John Dow has an explanation for why he did it - and how. He urges the rest of us to pay attention - not just to the headlines - but to how democracy's checks and balances have failed to stop this from happening This is not an individual crime, he explains. It is the result of a broken system. And John Doe urges us to act.