MP Report - May 10, 2021

Government failing to crack down on offshore tax havens

Why is there so much growing inequality in Canada?

Just look at our tax system.

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Current tax laws continue to allow companies to legally hide taxable income in offshore tax havens to avoid paying taxes in Canada.

Canadians across the country have had a difficult year financially. People lost their jobs or lost wages when their hours were cut back during the pandemic. Yet, they are still expected to pay their taxes.

The rules are different for multinational corporations and the ultra-rich. The government continues to do nothing while taxable revenue is legally moved to offshore tax havens  

The end result? Corporations continue to avoid paying their fair share. 

Canadians need strong public services now more than ever but they will remain underfunded because of this inaction.

This isn’t a new problem. Previous Liberal and Conservative governments have failed to make the necessary changes to Canada’s tax laws or recover money from offshore tax havens. 

How unfair is the system? In 2018, the Auditor General found that the Canada Revenue Agency was tougher on individuals and small businesses in Canada than on the offshore and large corporation cases.

As for the various tax scandals including the Paradise Paper, the Panama Papers and the Bahamas Leaks? So far, no Canadian has been convicted in any of these cases.

Enough is enough. 

Now more than ever we need complete tax law reform. 

© Copyright Thompson Citizen

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