Nearly a quarter of all Canadian overseas investment dollars end up in tax havens. Those latest Statistics Canada figures are considered low because notorious havens like Monaco and Liechtenstein don’t share much information with Canada.
The figures show that more than half the money is flowing through the finance and insurance industry as opposed to manufacturing and agriculture.
“A growing share of this money isn’t going into real capital investments that ultimately benefit people overseas or in Canada; it’s going into tax avoidance that benefits a wealthy few at the expense of the majority,” says CUPE senior economist Toby Sanger.
The top tax haven destinations for the Canadian dollar in 2011:
- Barbados - $53.3 billion
- Cayman Islands - $25.8 billion
- Ireland - $23.5 billion
- Luxembourg - $13.8 billion
- Bermuda - $13.2 billion
For more information see the blog by Toby Sanger on the Progressive Economics Forum website.