Castanet

MONEYBAGS MORNEAU: Finance Minister Used Offshore Tax Haven In The Bahamas

NEWS SPENCER FERNANDO SEPTEMBER 11, 2017



Finance Minister Used Offshore Tax Haven In The Bahamas

While Justin Trudeau targets Canadian family farms and small businesses, his government refuses to crack down on the use of offshore tax havens by the top 1% – like elitist Finance Minister Bill “Moneybags” Morneau.

The Trudeau government has said their “tax changes” targeting Canadian small businesses (including family farms), are meant to increase “fairness.”

And yet, it seems Canada’s Finance Minister thought it was fair to use an offshore tax haven in the Bahamas.

To start with, it’s important to point out that Morneau did not break any laws. That said, the fact that it’s so easy for many of the top 1% to conduct offshore banking just goes to show how rigged the system is in the first place.

As reported by BetterDwelling.com, the International Consortium of Investigative Journalists notes that “Francis Morneau William” (Bill Morneau), was listed as the Director of Morneau Shepell (Bahamas) Ltd.


SNIPPPPPPPPPPPPPPPPPPPPP


So, Morneau did not do anything illegal, but he did take actions to reduce the amount of taxes he pays in Canada. The irony here is immense. Morneau is pushing tax changes because he and Trudeau claim Canadian small businesses aren’t paying enough. Yet, those business are still paying taxes in Canada. But Morneau and others using offshore tax havens seem to want to avoid paying Canadian taxes, and the government is refusing to take action.

Canada’s elites have been rigging the economy in their favour, and against middle and working-class Canadians for some time. As noted in the BetterDwelling report, “For the past 40 years, we’ve been turning Canada into a country to ease offshore banking. People that use these measures are legally moving the tax burden from themselves, to middle class Canadians. It does suck however to have the watchdog for our financial industry engaging in offshore business. If we can’t convince a member of Parliament that he shouldn’t be sending funds offshore, who can we convince?”

Morneau should share tax return with Canadians

It’s outrageous for Morneau to be going after Canadian small businesses for not paying enough after he used an offshore tax haven. And while there’s no reason to believe he still does, he should share his tax return with Canadians to make that perfectly clear. Canadians must be able to have at least some confidence in our public officials, particularly the finance minister.

Protect Canadian small businesses, crack down on offshore tax havens and offshore banking

Instead of going after Canadian small businesses, the government should target the use of offshore tax and banking havens. That’s where the real money will be found, and that’s where many of the true 1% are avoiding the taxes the rest of us Canadians are paying.

The government should make it far tougher to set up offshore, and impose retroactive taxes on those who have done so just to avoid paying the same taxes as their fellow citizens.

Of course, the Trudeau government won’t do that, since they serve the elites at the expense of the rest of us. The fact that they would rather extract money from farmers and small business people instead of those banking offshore is a total disgrace, and confirms their disloyalty to the true Canadians who build our nation.


https://www.spencerfernando.com/2017/09 ... n-bahamas/

Oh Bill, you greasy so-and-so. Kinda reminds us of former prime minister, and Liberal, Paul Martin who registered his ships offshore to avoid Canadian tax, eh?

honest question.... How much longer can the tax payer( the sucker finacing all this garbage )
keep taking this up the rear end before there is a massive revolt ? i"m dead serious.
you look at the rate of inflation in the basic cost of living, not to mention all the new taxes being implemented, the increases to the ones we already pay, the rising cost of house and home insurance , interest rates are just begining to rise ( see1980'S) coming soon to a town near you. sorry folks, but one tax payer can only face so much. I dont see this ending well at all . And the sad part is we " the people" have ourselves to blame , we have let those in power abuse and dictate without accountability for far too long .

Gone_Fishin wrote:Oh Bill, you greasy so-and-so. Kinda reminds us of former prime minister, and Liberal, Paul Martin who registered his ships offshore to avoid Canadian tax, eh?

so your implying only the lib party uses loopholes ? . but the even more amusing thing is when someone starts a thread on going after these folks you defend them . blatant hypocrasy

Gone_Fishin wrote:Oh Bill, you greasy so-and-so. Kinda reminds us of former prime minister, and Liberal, Paul Martin who registered his ships offshore to avoid Canadian tax, eh?

Liberals looking after their own interests above yours and mine. It's not a new concept, is it?


A third controversy arose during a televised encounter last Wednesday. Mr. Martin was asked how CSL could justify paying ridiculously low taxes when small business owners pay tax rates of 40 per cent. Although CSL faces the same rates as other Canadians on taxes it pays in this country, its international affiliates, registered in the tax haven of Barbados, pay almost no tax on their profits. They can then send the money to Canada as tax-free dividends, thanks to tax arrangements confirmed while Mr. Martin was finance minister. (Mr. Martin has argued that at least he shut down Liberia as a tax haven, in 1995. That's when CSL reflagged seven ships from Liberia to Barbados.)

https://beta.theglobeandmail.com/opinio ... dmail.com&

Rwede wrote:Liberals looking after their own interests above yours and mine. It's not a new concept, is it?

Every political party is guilty of the same thing. You don't actually believe that people get into politics to better the citizens, do you?

maryjane48 wrote:so your implying only the lib party uses loopholes ? . but the even more amusing thing is when someone starts a thread on going after these folks you defend them . blatant hypocrasy

Since "loopholes" aren't a real thing then no. However the fact that the Finance Minister in the name of fairness wants to crush small business while keeping his money very safe and very tax free is a hypocritical scale of proportions only this Trudeau government has been able to manage.

IF you really haven't figured it out yet the current Federal governments plans are to make middle class poor and upper middle class middle class and ensure he and his trust fund buddies can stay in power, but you can cheer for those ultra rich guys all you like in the name of "fairness".......they don't even pay a share, let alone as you like to say a "fair share"