Tax havens: more than 380 billion $ out of reach

Paradis fiscaux: plus de 380 milliards $ hors de portée

Tax havens have never been so popular among canadian businesses, says a new report that points the finger at several wealthy families in the country for their greed, and the Trudeau government for its inaction.

Canadian companies have accumulated a total record of 381 billion $ last year in the 12 major tax havens of the world, according to an analysis of the group Canadians for tax fairness.

Based on the most recent Statistics Canada data on direct investments abroad, the group concluded that the assets of businesses reported in these States increased by 135 % in 10 years.

Luxembourg remains the tax haven of choice for canadian business, with $ 101 billion of” investments “, followed by Bermuda ($64 billion ), Barbados ($50 billion), Cayman islands ($43 billion), the netherlands ($36 billion) and the Bahamas (26 billion dollars).

Nearly $ 25 billion to pay

“The investments canadians are much more numerous in one of these six major tax havens as China, Germany, Brazil, France or Japan “, shows the report.

“This is huge !” exclaims the economist, Toby Sanger, director of the group. “We need more transparency from companies, and more action on the part of governments. The government (Trudeau) has made beautiful promises, but he has not done much up to now. They are really the bare minimum so that they could be a leader. “

With the COVID-19 and deficits, monumental, which will result in Canada can not do without taxes, and taxes related to these funds, ” he said.

The tax payable on these amounts is around $ 25 billion, according to the parliamentary budget officer.

“There is a “momentum” for governments to collect tax revenues that are beyond their control, but Canada is not a leader, not at all. It is a “suiveux” who did the minimum of what is expected of him, ” said Mr. Sanger.

Laliberté and the other

Canada Steamship Lines, which belongs to the ex-prime minister Paul Martin is established in Bermuda, as well as some subsidiaries of the oil empire Irving.

Companies, including Loblaw, and holds the Ottawa Senators are present at the Barbados, and the Cayman islands can rely on Claridge, the investment vehicle of the family anglo-montreal-based Bronfman, according to the Panama Papers.

The participation of Guy Laliberté the Cirque du Soleil has been owned from 2015 to 2020 in a registered company in the Cayman islands, a tiny tax haven in the Caribbean of 64 000 inhabitants, reported The Newspaper in may.

The office of the minister of national Revenue Diane Lebouthillier has not responded to our interview request Wednesday.

The minister was roundly criticized three years ago for its poor record on fighting tax evasion, which has not prevented the prime minister Trudeau back in his office last year.

The parliamentarians from the opposition who asked the government to account, the minister brandished a 78 convictions obtained by the revenue Agency against the companies.

However, these 78 sentences relate only to 49 companies, and none of them has been found guilty of tax evasion abroad, according to a count from the CBC. Rather, it is the SMES who have not declared all their income.

Tax havens where the money goes to canadian companiesInvestments of canadian companies
20182019Variation
Luxembourg102,5 G$With 101.2 G$-1,3 %
Bermuda58,1 G$63,5 G$9,3 %
BarbadosTo 50.2 G$49.8 G$-0,9 %
Cayman IslandsTo 41.8 G$42.7 G$2,1 %
Netherlands36.5 G$35.9 G$-1,6 %
BahamasThe 26.3 G$The 26.3 G$0,0 %
Switzerland9.7 G$16,0 G$65,6 %
Hong Kong$10.8 billion11.7 G$8,7 %
British Virgin islands$12.2 billion$10.5 billion-13,7 %
Ireland$9.6 billion$9.5 billion-0,8 %
Singapore$9.5 billion9.3 G$-2,2 %
Malta$2.9 billion$4.3 billion51,6 %
Total of the top 12 desparadis tax370,0 G$380,8 G$2,9 %

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