Provinces losing tax dollars to tax havens

Canadians for Tax Fairness and Nova Scotians for Tax Fairness will be holding a Press Conference in Room Windsor 1 at the Prince George Hotel at 1725 Market Street in Halifax, at 10:00am to 11:00am on Friday, November 23, to address their request that the Premiers support the “Bring our Tax Dollars Home” campaign. This initiative targets the use of Tax Havens, by some Canadians, to hide their wealth and to avoid federal and provincial taxation.

In a letter to the Premiers, CTF Coordinator Dennis Howlett wrote,

“Statistics Canada reported recently that a quarter of all Canadian direct foreign investment abroad was going to countries that are known to be Tax Havens. The small island of Barbados was the destination for $53.3 billion Canadian dollars in 2011!

“We don't know exactly how much tax revenue is being lost to tax evasion, including that facilitated by Tax Havens. Several estimates have put the figure as high as $80 billion a year…it is a big problem, and it is growing.”

Mr. Howlett recommends that Canada take its place at the forefront of international efforts to eliminate Tax Havens. Further, he suggests that the Canada Revenue Agency be allowed to step up its efforts to combat aggressive tax planning. He also recommends that members named by provinces to the CRA Board of Management be encouraged to influence the Agency to pay more attention and resources to Tax Haven-related compliance efforts.

Mr. Howlett and a local member of Nova Scotians for Tax Fairness will be speaking at the press conference on Friday coming, and Mr Howlett is available for interviews.

A short theatrical performance, featuring piratical brigands of a non-taxpaying disposition, will follow the press conference.

For further information please contact: Brian Gifford at 454-6126 or 266-1656.