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Canadian corporations and individuals quadrupled the amount of money they transferred into tax havens last year, pouring almost $40 billion into the tropical islands and European duchies that shield funds from Canadian taxes, newly released statistics show.
It was one of the biggest years ever for “investment” in tax havens — more than four times greater than the $9 billion sent offshore in 2014. The total amount of wealth held in the 10 most popular tax havens now sits at $270 billion.
“The problem is bigger than it has ever been,” said Dennis Howlett, executive director of Canadians for Tax Fairness, which took foreign direct investment numbers from Statistics Canada to calculate the use of tax havens.
. . .
Canada’s top two destinations for foreign direct investment are the United States and the United Kingdom. But rounding out the top five are three tax havens: Barbados, Luxembourg and the Cayman Islands.
“There might be a few resorts and golf courses (in those countries) but most of this money is not actually invested there,” said Howlett. “It goes through the tax haven and gets reinvested elsewhere. The returns on those investments are reported in places like Barbados, where there are hardly any taxes.”
Howlett says tax treaties exacerbate the problem. Canada has signed tax treaties with 92 countries, nine of which are considered tax havens.
“Tax treaties with tax havens do more harm than good,” said Howlett. “They actually facilitate use of tax havens because they allow the repatriation of profits tax free.”
originally posted by: 200Plus
I've been poor or working class my whole life, so I don't understand when big money numbers are in play.
Is it their money they are moving?
Has it been taxed once already?
Should the government also be able to tell the lower classes how to spend/store/invest?
Little things like that confuse me about these subjects.
originally posted by: TrueBrit
a reply to: ipsedixit
Surely it would be wise to make all forms of offshore money storage a treason offence, punishable by life behind bars?
Should be that way as it is. Bloody traitorous dogs.
Few people remember that the last time America was great was the period after the war, up to the early 1960s, when the top tax rate was above 90%.