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Canadian money hidden in tax havens hits record high. Again.

Canada’s treasure trove of money hidden in offshore tax havens has hit a record $185 billion, a new report estimates. Using Statistics Canada data on direct foreign investments, Canadians for Tax Fairness calculated that money flowing to Canada’s 10 most used tax havensexperienced a one-year jump of $15 billion in 2013, up from $155 billion the previous year. The group estimates that […]

Canada’s treasure trove of money hidden in offshore tax havens has hit a record $185 billion, a new report estimates.

Using Statistics Canada data on direct foreign investments, Canadians for Tax Fairness calculated that money flowing to Canada’s 10 most used tax havensexperienced a one-year jump of $15 billion in 2013, up from $155 billion the previous year. The group estimates that another $14.5 billion is held in the Bahamas, bringing the total nearly $185 billion.

Statistics Canada inexplicably dropped Bahamas from the data, even though the tiny Caribbean island held $14.5 billion in 2010.

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Barbados, Cayman Islands and Luxembourg alone accounted for $124 billion in money squirreled away by Canada’s tax-dodging elites in 2013. That compares to $87 billion stashed away in the same three countries in 2010, shows the report, released Friday, shows.

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Meanwhile, the money flowing to tax havens is growing at a faster rate than investment in non-tax haven countries. The government’s own figures show that 25% of Canadian foreign investment is going to tax havens, with half of it is being sent there by finance and corporate management  industries.

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And after the United States and United Kingdom, Canada’s third largest destination for foreign investment is Barbados. Yes, Barbados.

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The Conservative government’s 2012 budget introduced several measures that were said to target offshore tax dodgers, and last year Canada signed onto a G8 agreement to tackle international tax avoidance.

But the Conservatives also slashed the budget of the Canada Revenue Agency by $250 million and cut 3,000 staff, raising the question of “how the federal government can effectively crack down on potential tax evasion.”

Here’s the tax havens breakdown, by country.

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Tax havens final - 2013

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Photo: tackletaxhavens.ca 

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