The Problems

#1 TAX HAVENS ARE A CANADIAN PROBLEM


• Tax Havens help Canadian millionaires, corporations and banks avoid paying their fair share of taxes and cheap out on their duty to contribute to the upkeep of society and the common good.

• Tax Havens have been the destination of 25% of Canadian investment overseas in 2011. This is up from 10% in 1987.

• Tax Havens deprive federal and provincial governments of tens of billions of dollars of annual revenue while governments cut programs to balance the budget and pay down the national debt.

• Tax Havens shift burdens onto the backs of the middle-class, forcing hardworking Canadians to pay higher taxes and bear with higher costs of living during tough economic times.

• Tax Havens erode the quality of our roads and infrastructure, schools, hospitals, public safety and other essential services that keep us safe and grow the economy.

#2 TAX HAVENS ARE A GLOBAL ECONOMIC PROBLEM


• Tax Havens threaten free markets by enabling fraud, concealing insider trading and helping banks and corporations side-step rules and regulations designed to prevent financial meltdowns.

• Tax Havens disrupt the flow of global capital — instead of trickling down, wealth trickles out to secret offshore bank accounts where money is hoarded instead of reinvested into the economy.

• Tax Havens widen the income inequality gap; less money in our pockets stalls economic growth and keeps unemployment and underemployment numbers high.

• Tax Havens plunder the revenue of developing nations, perpetuating the root causes of poverty, famine, disease, civil war, and terrorism.

#3 TAX HAVENS ARE A CRIMINAL PROBLEM

tax havens are a criminal problem
• Tax Havens launder dirty money for organized crime, drug cartels, and white-collar criminals and hide their assets from police.

• Tax Havens hide wealth stolen by dictators and corrupt military and civilian officials that are used to prop up authoritarian regimes.

• Tax Havens are exploited by terrorist networks to finance their operations and acquire weapons.

• Without Tax Havens, ponzi schemes, insider trading, unlawful tax evasion and other financial crimes would be very difficult to get away with.