Canadian corporations reported they have over $350 billion in Canada’s top 12 tax havens around the world, in a Statistics Canada report released this week. That’s a lot of money: equivalent to almost $10,000 per Canadian.
OTTAWA – Canadian corporations increased the money they report in Canada’s top 12 overseas tax havens by almost 10% to a record high of $353 billion in 2018, according to Statistics Canada Foreign Direct Investment figures released today.
There was little for Canadians to celebrate as we marked the three-year anniversary of the Panama Papers scandal this week.
An exclusive Journal de Montréal investigation this week revealed only 12 of the 900 Canadians named in the Panama Papers have been ordered to pay back the government
Countries around the world lose at least US$500 billion in annual tax revenues from international corporate tax avoidance and profit shifting, including through tax havens.
But we now finally have an opportunity to make some real progress on international corporate tax reform, with proposals outlined in a new paper just published by the Independent Commission for International Corporate Tax Reform.
The Senate of Canada unanimously approved a bill that will require the Canada Revenue Agency (CRA) to annually publish a list of those convicted of tax evasion, with a separate list of international tax cheats, and to also publish a report every three years on Canada's "tax gap": the revenues lost annually to aggressive tax avoidance and evasion.