That's the opinion of two experts - one Canadian and one American - who recently talked to CBC's The Current.
"Tax havens are more or less countries as bankers wish them to be," says Alain Denault, author of the soon to be published Imperial Canada Inc.
Denault points out that when former Prime Minister Paul Martin was questioned and criticized for his companies' use of tax havens, he never had a good explanation of why it was a necessary business practice.
In 2008 Statistics Canada reported 146 Billion Canadian Dollars were sitting offshore It is considered a conservative estimate. Both Denault and James Henry of the Tax Justice Network point to loopholes in Tax Information Exchange Agreements as a major problem. "The Canadian government has no idea what is going on offshore with our money," says Denault.
You can hear that interview here:
http://www.cbc.ca/thecurrent/episode/2012/08/16/offshore-bank-accounts/