The #MauritiusLeaks tax haven leak from the International Consortium of Investigative Journalists (ICIJ) include just a few Canadian connections, but they are barely the tip of the iceberg of Canadian corporations using Mauritius as a tax haven for their operations in Africa.
For the second time this week, experts are sounding the alarm on the multi-billion-dollar cost of tax dodging. Today’s Parliamentary Budget Officer’s report suggests Canada is losing $25 billion or more a year in tax revenues from multinational corporations avoiding taxes through tax havens.
The House of Commons has struck down a Private Member’s Bill to combat international tax haven use. Senator Percy Downe’s Bill-243 would have required Canada Revenue Agency to report on Canada’s tax gap.
CBC investigative journalist Harvey Cashore uncovered that the Canada Revenue Agency (CRA) recently reached an out of court settlement with wealthy KPMG clients who were caught using what the CRA called a grossly negligent offshore tax sham. This is a disturbing development for many reasons.
OTTAWA – Canadian corporations increased the money they report in Canada’s top 12 overseas tax havens by almost 10% to a record high of $353 billion in 2018, according to Statistics Canada Foreign Direct Investment figures released today.