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Wealth Professional | 04 Apr 2016, 12:24 PM Agree 0
Royal Bank of Canada and more among those said to have used law firm’s services as offshore story develops
  • G | 04 Apr 2016, 02:30 PM Agree 0
    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?
  • Peter Bennett | 04 Apr 2016, 03:15 PM Agree 0
    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!
  • Alan Jamieson | 04 Apr 2016, 07:35 PM Agree 0
    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.
  • Brad Jardine CFP, CLU, CHfC | 05 Apr 2016, 01:06 PM Agree 0
    Scooby Doo phrase for all those professional tax evangelists and their cohorts "Ruh Roh". Let the class action suits begin!
  • Robert Roby | 06 Apr 2016, 05:03 PM Agree 0
    As long as we have politicians and bankers running the world nothing much will change.
  • Greg gray | 07 Apr 2016, 07:12 PM Agree 0
    A senator admitted to hiding money from Canada Revenue. RCMP time. Who are other " sunshine list" of Canadians are there. I'm betting At least one past prime minister. Hint Harper.
  • Werner | 07 Apr 2016, 09:49 PM Agree 0
    "Among those revealed so far is Liberal Senator Pana Merchant, with her husband Tony Merchant allegedly moving close to $2 million to offshore havens during a battle with the Canada Revenue Agency."
    Excuse me, these two were named in 2013. Lets gets some others. cbc says 450 the star says 350. Lets get some reporting done.
  • brian carriere | 09 Apr 2016, 01:37 PM Agree 0
    I guess it really doesn`t matter in the end.Our govenment is not going to do anything to get these 350 to do the right thing..
  • Ken MacCoy, CHS | 10 Apr 2016, 05:05 PM Agree 0
    Tax avoidance results when actions are taken to minimize tax, while within the letter of the law, those actions contravene the object and spirit of the law.

    Tax evasion typically involves deliberately ignoring a specific part of the law. For example, those participating in tax evasion may under-report taxable receipts or claim expenses that are non-deductible or overstated. They might also attempt to evade taxes by wilfully refusing to comply with legislated reporting requirements.

    Tax evasion, unlike tax avoidance, has criminal consequences. Tax evaders face prosecution in criminal court.

    Source: Revenege Canada aka Canada revenue Agency:

    The problem is the wealthy KMPG clients get 'special deals' and preferred treatment, while ordinary every-day hard working Canadians get nailed to the wall. Here is an example:
  • Joe | 12 Apr 2016, 12:23 AM Agree 0
    Since when is it immoral to minimize taxes paid? Any sane person does that every year when filing tax returns. Why are we glorifying the CRA as some kind of society beneficiary? Wait till they get like the IRS and start kicking old people out of their houses to collect taxes and other atrocities.
  • Donn j Cahill | 12 Apr 2016, 11:54 AM Agree 0
    As a Canadian citizen we do not have right to reject those government policies we deem not to be to our benefit or our pockets. By being Canadian we share our load for better or worse and have the right to vote for change! If an offshore haven is desired then move there. Like Conrad Black you can renounce your Cdn citizenship but you can't have both ways w/o consequences.
  • brian | 12 Apr 2016, 12:42 PM Agree 0
    for the last comment,yes i agree that as Canadian voter we have the right to elect the political group that best represents our values.However the real problem is when there is no real difference between the parties.each one of them give all the tax brakes to the wealth,allowing them to hide their money in these overseas`s quite easy to understand why..all politicians come from that world.they are all very wealth in there own right.why would they change like shooting yourself in the foot.what Canada needs is a better class of politician.
  • Robert Roby | 12 Apr 2016, 03:34 PM Agree 0
    Saying we need a better class of politicians is somewhat mis-leading, given that a politician and the word better is hard to equate.
    Seriously, people with a lot of money coupled with their high powered team of expensive lawyers and accountants will always trump the beaurocrats. Sorry for the pun on the word trump. On that subject, so long as the same political process remains, who, got us in this pooh pooh it matters not who the face of leadership is. Meaningful change comes from changing the process and given that the process is run and created by the establishment, who fear losing their power, nothing will change regardless who is President. I got a kick out of Clinton talking about "taking care " of Wall Street while accepting millions in donations to run her campaign.
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