Tax havens allow rich individuals, Canadian banks and resource companies to avoid paying billions of dollars in taxes each year. It has recently been estimated that Canadian federal and provincial governments are losing up to $80 billion a year because of tax evasion. That is half our national health care spending. Tax havens are a major part of the overall tax evasion problem. Support our call for action, asking Finance Minister Jim Flaherty and Members of Parliament to tackle tax havens now. Tax havens such as the Bahamas, Panama and the Cayman Islands make it possible for resource extraction companies to shift the profits they make from the oil and minerals in poor countries to "paper subsidiaries" based in tax havens where they are subject to little or no tax. By keeping banking information secret, tax havens also help drug cartels and international crime organizations launder their ill-gotten wealth.
Posted on: Sat, 15 Jun 2013 14:55:11 +0000