Canadians named in Panama Papers controversy

Canadians named in Panama Papers controversy

13 Comments
  • G 2016-04-04 2:30:13 PM
    Finally! I wasn't aware of the Panama Papers until today, but I know of some individuals that have evaded taxes by moving to Panama. Why should they get away with this?
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  • Peter Bennett 2016-04-04 3:15:58 PM
    Who did what and why they did it can be debated long and hard, and we will be no closer to the truth.
    Most advisors do some kind of asset allocation or risk tolerance questionnaire with their clients. Completion may make us 'compliant', but how many of us go beyond that and ask for our clients' tolerance for loss of privacy, risk of audit, public embarrassment, criminal or civil litigation, etc.? Sometimes we measure our success by how sophisticated our planning strategies are, how much tax we save the client, etc.
    Maybe we need to measure success by how well the client sleeps at night. Does the strategy I recommend pass the smell test? Can my client comfortably explain what the plan or strategy accomplishes?
    Panama is known for its hats. That's the way I prefer to keep it!
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  • Alan Jamieson 2016-04-04 7:35:58 PM
    It may be legal to shelter income from taxes by moving it offshore but it is certainly not morally sound. The vast majority of Canadian citizens pay taxes on their income. Why should a wealthy elite with access to services like those provided by Mossack Fonseca be allowed to enjoy the benefits provided by other people's taxes when they refuse to contribute to the common good. I am glad the leak occurred and trust that it will lead to more investigation of such entities.
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