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An article published yesterday in the National Observer argues that the offshore tax haven crisis won’t get fixed, despite the now-public Panama Papers. Bruce Livesay, the article’s author, writes:
In Canada, Stats Canada documents how much corporate money flows to notorious offshore tax havens. In 1990, only $11-billion was being “invested” in offshore tax havens by Canadian corporations: today this sum is almost $200-billion a year and growing. Moreover, an estimated $8-billion is also lost annually through tax evasion, although this sum could be more than $20-billion. […]
But guess what, this is old hat. Alain Deneault, who teaches political science at the Université de Montréal and authored a recent book called Canada: A New Tax Haven, has documented how Canada’s big banks were critical players in creating offshore tax havens in the Caribbean going back to at least the 1920s. He explains how Canadian banks got into this racket by helping out American and European banks trying to move their assets around the world. “Canadians actually transformed these jurisdictions into tax havens in order to satisfy the financial industry that needed to funnel these euro dollars outside any kind of traditional jurisdiction to manage them out of law without any kind of constraint,” he told me last year when we spoke about this issue.
Pick up a copy of Canada, a New Tax Haven for a more in-depth history of how Canada has turned to tax havens in the past, and how it has more recently become one itself.
Livesay concludes that
the Canada Revenue Agency (CRA) is happy to chase after small Canadian businesses or middle class individuals dodging some taxes, but the CRA doesn’t have the stomach or resources to go after the really big players socking away vast sums offshore. … So if you want to know why nothing ever happens with eradicating offshore tax havens, simply look at who are the beneficiaries – and who’s afraid of taking them on.
Critically acclaimed poet and Vancouver native Adeena Karasick was in her hometown last month to celebrate the donation of her archive to Simon Fraser University. The Collection of Contemporary Literature at SFU’s Bennett Library contains one of the biggest selections of avant-garde poetry in North America.Friday March 17, 2017 in Meta-Talon
All the main characters in this novel are invented, except one. All the towns are real, except for New Babylon. But if such a place were to be imagined, it would be a Wild West town where gunfights are fair play and the law bans only the lawman. It is a perilous place, where the beauty of the desert landscape takes your breath away with the same power as an open blade and a gash to the throat.
On that gruesome note, we hope you enjoy this teaser, lifted from pages 36–38 of In Search of New Babylon.Thursday March 2, 2017 in Meta-Talon
Today on Meta-Talon, please enjoy a very short story from M.A.C. Farrant’s book The Days: Forecasts, Warnings, Advice.
Annual Day happens once a year and it is never good. This year the date is March 2.Thursday February 23, 2017 in Meta-Talon
Migration – the movement of humans from one place to another with the intention of settling – has been top of mind in recent weeks given certain political changes and policy implementations in certain western countries, in recent months in response to the failure of state in Syria and the outflow of refugees from that region, and in recent years characterized by a heightened sensitivity to the possibility of east-west terrorist attacks. Perhaps Canada is a beacon to other states? Or perhaps we still have much learning to do? In the spirit of learning, we recommend twelve Talon books on the topic of migration, refugees, and the immigrant experience.
We gratefully acknowledge the financial support of the Canada Council for the Arts; the Government of Canada through the Canada Book Fund (CBF); and the Province of British Columbia through the British Columbia Arts Council for our publishing activities.