Mr. Speaker, I would like to read to the Parliamentary Secretary to the Minister of Finance an article that was published in the fall 2001 edition of Offshore Finance Canada . I would also point out to him that Offshore Finance Canada is not a sovereignist, independentist or separatist magazine. The article said:
Several Canadian businesses have brilliantly set up maritime divisions in Barbados that are managed from Canada, enabling them to pay no taxes on profits.
That is what the article said.
I will submit to him the following problem. I would remind him that Barbados has a taxation rate of 1% on profits in excess of $15 million U.S.—and I said U.S.—and of 2.5% on profits under $5 million U.S. It has no taxes on capital gains, no withholding tax, no surveillance or control of exchange transactions. If that is not a tax haven, I do not know what is.
If the Parliamentary Secretary to the Minister of Finance had a business and could make $15 or $20 million in profits, would he not be tempted to open subsidiaries in Barbados? I would.