DID YOU KNOW THAT? #5 Tax havens in Canada

SO THAT ALL PAY THEIR EQUAL SHARE! Finally, the last part of our news bulletins related to the federal election is our call for the abolition of tax havens in Canada. To help us achieve all these societal projects that we have touched in our previous newsletters, we should simply ban tax havens. This would allow us to recover approximately $ 800 million in taxes in Quebec and $ 3 billion a year in Canada.

But what is a tax haven? It is a place where corporations and individuals move their profitability center to avoid paying maximum taxes. Given our treaties of non-double taxation signed with these tax havens (Bahamas, the Cayman Islands, Turks and Caicos, etc …) that is to say, when the money is taxed in these countries, it cannot be taxed again upon returning to Canada.

Remember that tax rates in these countries range from 0% to 3% and most of these places have a maximum tax cap such as Gibraltar at $ 56 000. Meanwhile, taxpayers are increasingly called to fill this gap in our social programs, notably in education and health. Here are the investments of Canadian corporations in tax havens:

  • 2006: $ 111 billion
  • 2015: $ 245 billion
  • 2016: $ 231 billion

In addition, it should be noted that the tax rate for Canadian companies decreased from 29% to 15% from 2008 to 2014. For more information on tax havens, please  consult www.taxfairness.ca

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