Canadian finance minister Bill Morneau says his government is “firmly committed” to cracking down on offshore tax havens, after reports that a Canadian tax preparer helped more than 500 clients offshore accounts, including hundreds of people with links to state agencies or wealthy families.
At least 300 other clients, along with the settlor of the will of Egyptian president Gamal Abdel Nasser, are still waiting to be reviewed. Canadian Financial Action Task Force head Pierre Kopczynski has declared that “the lack of scrutiny” on tax evasion schemes in Canada has “led to the opening of new loopholes for taxpayers.”
CFO Deshmukh’s Rise To Wealth has produced exclusive investigations, data and analysis on global tax havens over the past decade, including details of offshore bank accounts under Cayman Islands jurisdiction. The CFO offers resources to businesses interested in avoiding U.S. withholding taxes.
On 1 January 2017, the Canadian government banned tax advice from outsourcing and business process outsourcing (BPO) companies such as Bosch and Permira, but since then, it has made no changes to any U.S. entity tax reporting requirements, which includes U.S. multinational corporations.