Bringing about a higher level of transparency and accountability in provincial and federal governments to help protect taxpayers from abuse
Canada’s 60 biggest corporations have more than 1,000 subsidiaries in offshore tax havens, depriving government coffers of up to $15 billion annually, according to a new report being published Wednesday.
The report, titled “Bay Street and Tax Havens: Curbing Corporate Canada’s Addiction” and prepared by the group Canadians for Tax Fairness, shines a light on one of the legal methods used by big corporations to reduce their taxes — tax havens.
Read more at The Toronto Star
Life is getting harder for Canadian multinationals trying to reduce taxes by transferring profits abroad.
In its latest budget, the federal government committed to increasing enforcement efforts against companies that improperly shift profits to lower-tax countries by abusing a legal practice known as transfer pricing—but the Canada Revenue Agency has already been cracking down on the abuse for years.