TAX HAVEN DISCLOSURE HOLIDAY ADDS TO LIST OF GOVERNMENT FUMBLES ON THE ISSUE: HUGHES
December 2nd, 2010 - 3:00am
OTTAWA – Canadians hoping that the government will recover some of the billions of dollars lost to offshore tax havens will be disappointed with the news that the Canada Revenue Agency (CRA) will be relaxing its standards for tax-cheats who voluntarily disclose their tax-free accounts.
Not only is the government not coming clean about the amount of money Canada is losing to tax havens and reducing CRAs capacity to hunt down offshore accounts, but now they are going to let tax cheats off the hook for up to ten years of tax evasion, according to Algoma-Manitoulin-Kapuskasing, MP Carol Hughes.
“You could call it the Mulroney Option, Mr. Speaker! We should all be so lucky!, said Hughes. “Will the Conservatives finally get serious about prosecuting tax evasion, or are they planning to agree with tax lawyers and let people get away with hiding millions under beach blankets in the Cayman Islands?”
The relaxing of standards comes after reports that the Conservatives will be cutting 200 positions at CRA that are directly responsible for hunting down tax-cheats. Wealthy Canadians and corporations have invested $80 billion in the Cayman Islands, Barbados and Bermuda beyond the scrutiny of CRA officials while those unable to afford the option are paying taxes on their investments.
“Why turn a blind eye to those who want to escape their obligations,” asked Hughes. “Why not bring in better laws to deal with tax evasion.”