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June 11th, 2021

Successful NDP motion forces government to release documents on offshore tax havens

OTTAWA – Yesterday, the finance committee passed an NDP motion asking the Department of Finance and the Canada Revenue Agency (CRA) to produce all records and communications relating to the KPMG offshore tax scheme where hundreds of Canadians were defrauded of their savings.

“The federal government is not giving the CRA the tools it needs to crack down on tax evaders. The ultra-rich and large corporations continue to keep money offshore to avoid paying their fair share of taxes. By failing to put in tax reforms, the government is standing by and letting it happen,” said NDP finance critic Peter Julian. “Not only does this keep $25 billion out of Canada – money that could be used for education, health care or housing – it also creates situations for abuse where Canadians have lost their entire retirement savings.”

During yesterday’s committee meeting, Julian asked officials from CRA if any criminal charges had been laid against those who defrauded Canadians or the corporations who avoid paying taxes by keeping profits offshore. According to officials, no charges have ever been laid for those involved in the Panama Papers, the Paradise Papers, the Bahama Papers or the Isle of Man Scam.

“When a problem is identified, people expect the government to fix it. That’s not what’s happening here. The government know offshore tax havens allow the ultra-rich and huge corporations to keep billions of dollars in their pockets instead of paying their fair share of tax in Canada,” said Julian. “It is my hope that the successful adoption of this motion is a step in the right direction. The government is now compelled to provide information about this fraud. Having all of the information can help us determine what needs to happen to make things fairer and to help Canadians from being defrauded.”