May 7, 2021 – A Parliamentary committee on Thursday launched an investigation into how Canada can better defend against offshore tax evasion, with some MPs pressing for details around a high-profile financial fraud in the mid-2000s that robbed many Canadians of their life savings.
Canada has for years struggled to rein in offshore tax avoidance by corporations and wealthy individuals, a shortcoming that has sapped government revenues and damaged its reputation among allies. A 2019 report by the Parliamentary Budget Officer estimates that the Canadian government is missing out on as much as $25 billion a year in revenues due to an inability to crack down on overseas tax havens. National Post reports. | READ MORE