Canada To Face G-8 Pressure Over Tax Evasion Response.

Canada is just not doing enough to fight tax evasion. In particular, it is alleged that the Harper-led government is resisting efforts to mandate the adoption of public registers disclosing the beneficial owners of offshore accounts and shell companies.

According to Canadians for Tax Fairness, Canada is also not as enthusiastic as they would like on the idea of automatic exchange of tax information, which has gained  currency within the  G-8 since the US announced its own version under FATCA.

http://www.vancouversun.com/news/national/Canada+slammed+lagging+behind+fighting+evasion+summit+looms/8500752/story.html

They are hoping that next week in Northern Ireland, where the G-8 Summit takes place, Chairman of the Group and UK PM David Cameron can exert some positive peer pressure on PM Harper to support stepped up action against tax evasion.

For its part, Canadians for Tax Fairness plans a number of media stunts ahead of the Summit including what they refer to as “156 empty plates”, with each plate meant to signify what they estimate  to be $156 billion in tax revenues lost from funds that wealthy individuals have hidden in tax havens around the world.http://www.taxfairness.ca/news/tired-foot-dragging-tax-havens-heres-chance-go-public

That Canada is adopting a cautious and measured approach to the complicated problem of global finance is what the rest of the world has come to expect from this country, that has maintained a sound and enviable record in banking where others, have not.

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6 thoughts on “Canada To Face G-8 Pressure Over Tax Evasion Response.

  1. Canada does NOT need FATCA. It also happens to violate our Charter of Rights and Freedoms. Harper cannot sell out on this issue and if he does there will be law suits. Banks cannot ask someone their country of origin and thus alter services to them based on that issue without being on very shaky ground. The U.S. has over stepped it’s bounds on this issue. Expats in Canada would by a large margin never owe any tax to the U.S. FATCA is a jihad against expats even in high tax countries. A big penalty grab. It was implemented to go after people living INSIDE the U.S. who “off shored” large amounts of money. Instead it is being used to penalty scoop in every nation around the world. The bullying tactics used to force banks into this arrangement are disgraceful. Even going so far as to say that in countries where FATCA would violate the laws of that country, then that country may change it’s laws to be in “compliance” In what universe would the U.S. “change it’s laws” to meet the needs of any other nation? The hubris, harm, and insanity of the way this law is being used are simply unfathomable and shameful.

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