Federal Government Losing Millions in Offshore Tax Revenue
Federal govenment changes to EI system targets unemployed.
The federal government’s changes to the EI system have clearly targeted the unemployed in this country, especially in regions where seasonal industries are the backbone of the economy. And the practice of sending “EI police” to the homes of EI claimants is both intimidating and unfair to claimants who are not abusing the system. Instead of picking on struggling Canadians, the government might do well to boost its efforts in areas where they can actually recoup tax revenue.
For example, offshore tax havens are a problem that require attention. Huge sums of Canadian dollars are being channeled to offshore tax havens. Canadians for Tax Fairness, reports that there is approximately $130 billion of untaxed Canadian money located in Barbados, Cayman Islands, Ireland, Luxembourg and Bermuda.
Barbados is the number one location to shelve money with $53.3 billion untaxed Canadian dollars located there. Tax havens are simply a place to hide dead money to avoid paying tax. This does nothing for our economy, robs citizens of vital public revenue, and lets the rich free ride on average, hard working Canadians who pay their fair share of tax. Perhaps the Harper government should focus as much attention on this issue as they have with EI. I think most Canadians would agree that $4 billion dollars (Canada Revenue Agency) of unpaid taxes in 2012 resulting from money hidden offshore is significant.
PEI Union of Public Sector Employees