The Auditor General’s Fall 2018 report on compliance activities by the Canada Revenue Agency (CRA) confirms what we’ve heard from Canadians and from CRA professionals as well: Canada’s Revenue Agency is more lenient in many ways with international and large businesses and taxpayers with offshore transactions than they are with individual Canadians.
Bay Street and Tax Havens: Curbing Corporate Canada’s Addiction
This report explores the extent of corporate Canada’s involvement in known tax havens and provides clear recommendations for a strong government response. It looks at the 60 largest companies listed on the Toronto Stock Exchange. Only 4 of the 60 companies listed no subsidiaries in known tax havens.
TORONTO - 90% of Canadians think that the use of tax havens by large corporations to avoid paying taxes is morally wrong, even if it’s legal, according to a new Environics poll for Canadians for Tax Fairness and Leadnow.
The poll also found that 87% of Canadians want the law changed to make tax havens illegal with ⅔ of those strongly supporting legislative action.
The First Ministers will be gathering in Edmonton at the annual meeting of the Council of the Federation on July 17-19, 2017. The issue of who owns our corporations and trusts needs to be a priority on their agenda.
How do you stop Canadian multi-nationals like Cameco or Gildan from setting up subsidiaries in offshore tax havens so that they can avoid paying Canadian taxes? Short answer is that it is has been very difficult.But this week, NDP National Revenue Critic Murray Rankin proposed new legislation that would make it easier for government and the courts to crack down on those who are playing the system.