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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.
By R. Kolewe
Inspecting Nostalgia is a new collection of poetry by R. Kolewe. This, his second collection, brings together found text and fragments of various writers’ work with scraps from his own journals.
In this third week of National Poetry Month 2017, and in advance of Kolewe’s Toronto launch on May 8, please enjoy two poems from the collection on Meta-Talon.Thursday April 13, 2017 in Meta-Talon
Stephen Collis’s latest collection of poetry is nominated for the 2017 George Ryga Award for Social Awareness in Literature. It rethinks the relationship between human beings and the natural world and searches for ways we can continue to resist. Today on Meta-Talon, we offer a section from “Reading Wordsworth in the Tar Sands,” the second long poem in Once in Blockadia.Monday April 10, 2017 in Meta-Talon
For you, in solidarity, during this National Poetry Month, a poem from Jónína Kirton’s new collection.Thursday March 23, 2017 in Meta-Talon
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.
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.