This July 2020 report found that Canadian corporate assets in the top 12 tax havens soared to a new high of $381 billion in 2019. The figures tell of a troubling trend. Corporations increased the amount of assets they report in their top tax havens by 135% in the past decade.
Canada loses at least $10 billion in revenues to tax havens each year, although a 2019 estimate by the Parliamentary Budget Office estimated the amount could be as high as $25 billion. As our government combats one of the greatest health and economic challenges of the century, it’s critical that we tackle offshore tax dodging and ensure large corporations pay their fair share.
The report recommends several policy reforms such as ending double non-taxation agreements with tax havens and requiring large corporations to publicly report taxes paid in each country.