Mr. Speaker, if tax havens are enchanted islands where the world's thieves and mobsters hide their treasure, then why are hundreds of Canadian companies doing business there, and why do Canadian banks have 75 branches there?
Some experts say that tax havens cost Canada between $5 billion and $7 billion per year in uncollected tax. With that much money every year, we could build four mega-hospitals or 8,500 social housing units, or we could increase old age pensions by 20%.
Wage earners have no choice but to pay tax on every paycheque. However, the very rich and the big Canadian corporations benefit from treaties the government signs with countries of convenience, treaties that enable them to legally evade taxes.
That makes no sense and I cannot figure out why it is legal. It is starting to look more and more like social fraud. The Parliamentary Budget Officer and the Auditor General need to take a close look at this.
As Victor Hugo would say: “One feels the place reeks of secret histories”.