As France, Denmark and Poland announced they will refuse COVID-19 aid for companies using tax havens, the Canadian government must do more to ensure our public funds are not spent on tax-dodging corporations.
As the four-year anniversary of the Panama Papers nears, Canadians have seen little signs that the federal government has cracked down on international tax avoidance and evasion.
Governments around the world lose over US$600 billion in tax revenues every year from international corporate tax dodging – and many billions more from use of tax havens by wealthy individuals.
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.
Today’s corporate tax gap report from Canada Revenue Agency reveals widespread tax avoidance and evasion, particularly for larger corporations.
OTTAWA – Canadians remain in the dark three years after one of the biggest accounting firms in the country convinced the government to shut down hearings into its infamous Isle of Man tax scheme
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.
