Canadian Provinces Not Giving Priority To Tax Evasion

The Canadian finance ministry feels that the provinces are not doing their best to prevent tax evasion. There are not many efforts taken by the province to reduce the financial crime. This is why Canada is lagging behind the UK and the EU to fight financial crime. Ottawa is taking efforts to bring the tax evaders and international money launderers to the book. But, they need provinces to support their cause.

After the Panama Papers and Paradise Papers leaks, the federal government is looking to tighten up the screws on corporate registries. But, the progress is very slow. The biannual meeting of the finance ministers talks more about public pensions and other issues than the corporate disclosure rules.

The sources say that the provinces look for excuses whenever the issue of collecting beneficial ownership is raised. There is a provision in Canada to register a business, open a bank account and send and receive money through the bank from overseas without needing to disclose the name. This is the same type of legal convenience offered for people to carry out financial crimes, corruption and money laundering.

The Federal Finance Minister Bill Morneau should take the provinces on his side if he dreams of improving the transparency among the corporate.

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Sarah Tulowitzki

About the Author: Sarah Tulowitzki

Sarah holds a Master’s in Journalism from Ryerson University and writes professionally in a broad variety of genres. She has worked as a senior manager in public relations and communications for major telecommunication companies, and is the former Deputy Director for Media Relations with the Modern Coalition. Ashely writes primarily in our personal finance section.

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