Canada: A New Tax HavenFront Cover

ISBN: 9780889228368 | Paperback

224 pages | Pub. Date: 20150725
8.5 W × 5.5 H × .5 D inches
Backlist | Non-Fiction | Bisac: BUS011000
Rights: WORLD

In Canada: A New Tax Haven, Alain Deneault traces Canada’s relationship with Britain’s Caribbean colonies back through the last half of the twentieth century, arguing that the involvement of Canadian financiers in establishing and maintaining Caribbean tax havens has predisposed Canada to become a tax haven itself – a metamorphosis well under way.

Canada was linked to Caribbean nations long before they became tax havens. In the 1950s, an ex-governor of Canada’s central bank attempted to establish a low taxation regime in Jamaica. In the 1960s, the transformation of the Bahamas into a tax haven characterized by impenetrable banking secrecy was shaped by a minister of finance who sat on the Royal Bank of Canada’s board of directors. A Calgary lawyer and former Conservative Party heavyweight drew up the clauses that transformed the Cayman Islands into an opaque offshore jurisdiction. For years, Canadian politicians have debated annexing tax havens such as the Turks and Caicos Islands, making them part of Canadian territory. Canada has signed a free-trade agreement with Panama and is currently seeking a wider agreement with the countries of the Caribbean political community. And, notably, Canada currently shares its seat at the World Bank and the International Monetary Fund with a group of Caribbean tax havens.

These exercises in fostering fiscal and banking leniency have predisposed Canada to become one of the most attractive tax havens to foreign interests. Not only does Canada offer one of the lowest corporate tax rates in the world, but a number of loopholes encourage companies to relocate to Canada as if it were Barbados or Bermuda. Canada: A New Tax Haven is an attempt to analyze the situation and address its implications for Canadians.

Canada: A New Tax Haven is an attempt to analyze the situation and address its implications for Canadians.

“An indispensable resource, providing a rich cultural, social, and historical context that is strongly needed for understanding how tax competition developed into the global phenomenon it is today.”
– Allison Christians, McGill University H. Heward Stikeman Chair in Tax Law

“Essential reading … Deneault illuminates the blowback effect of Caribbean tax havens becoming, in the hands of big banks and transnational business, a powerful lever for dismantling a century of social progress and democracy itself at home – in this case, in Canada.”
– Harold Crooks, director, The Price We Pay

By Alain Deneault

Alain Deneault was born in the Outaouais region of Quebec. His interests lie in nineteenth-century German and twentieth-century French philosophy, as well as the work of Georg Simmel. Deneault’s research and writing practices are diverse and often collaborative, focusing on how international financial and legal agreements increasingly foster the interests of “stateless” transnational corporations over those of nation states and the interests of their human communities.

Read more about Alain Deneault


Translated by Catherine Browne

Born in Indiana, Catherine Browne grew up in Montreal. She has a degree in history from the Université de Provence. A professional translator since the 1980s, for the past fifteen years she has conducted guided tours designed to provide Montrealers with new ways of thinking about their city’s past and present.

Read more about Catherine Browne


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