Canadian Government Continues to Hunt for Tax-Avoiders

Submitted by Not Taken
Canadian government has Cameco in its sights for $800 million

Canadian government has Cameco in its sights for $800 million – Photo credit: The Globe and Mail

Yet another interesting (scary for Barbados) article – Cameco’s $800-million tax battle. I have been sending these recent articles  as a public service so the Minister of Finance (MOF) and Governor of the Central Bank have a heads up on the attack on Canadian tax evaders/avoiders that is undoubtedly about to hit the Barbados offshore industry; if in fact it has not already hit – but unreported.

This is very bad news for Barbados revenue sources. While the Cameco case involves its Swiss subsidiary, it is probably just the tip of the iceberg in CRA’s efforts to collect taxes due to Canada. There must be hundreds, if not thousands, of  Canadaco (Barbados) Limited businesses doing the same same transfer pricing schemes (scams) in order to pay 2% income tax to Barbados, rather than 27% to Canada.

Even those Canadian companies not not already being audited for this this type of tax “management” may decide for close up shop in Barbados to avoid the publicity that a CRA audit will bring.

Cameco’s CFO, retorts that Cameco Europe has its own board of directors and a full-time CEO, ……….., who has no other duties with the company. Cameco Europe provides Cameco with compensation for the management duties – like legal advice – it does not have its own staff for. “It was established in accordance with all relevant laws and regulations when it was set up.”

The Barbados registered Canadaco subsidiaries’ own boards of directors and full-time CEOs who have no other duties with the Canadian company should start planning for alternative sources of income. And of course it will have serious implications for the Barbados services providers; the legal community (TACQC),  the management/bookkeeping companies, and the accountants when it happens.

  • On a distant note the three Canadian banks operating i Barbados are listed among the top 10 of World’s strongest banks:

    Four of Canada’s biggest banks have landed among the top 10 in a global ranking of the strongest banks, although one of them saw its ranking slip from last year.

    According to data compiled by Bloomberg Markets magazine, CIBC, Royal Bank, Scotiabank and TD were ranked 3rd, 4th, 7th and 8th, respectively, on the publication’s annual ranking of the world’s strongest and safest lenders.

    http://www.cbc.ca/news/business/story/2013/05/01/business-bloomberg-bank.html

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  • @ David

    CIBC First Caribbean just had a John Doe summons served on it by the IRS in America, seeking information on 129 tax evaders. I hope no innocent or too clever Bajans don’t get entangle in the seach.

    The IRS is famous for pursuing foreigners who assist or conspire with Americans to commit tax evasion.

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  • The IRS will also scan through to see who in the Caribbean is hiding money in the US…………John Doe summons.

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Lets all hope the catch Sir COW and Sir Cheltenham for the funds they have taken from the Estate of Beatrice Henry to Violet Beckles .Audit Audit Audit all good crooks must come to an End.

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  • Plantation……………read this and smile…

    http://www.barbadostoday.bb/2013/05/02/cow-down-but-not-out/

    Everyone……………Welcome to the world of the SEC……….

    PDC…………….i hope you are taking notes, you want keep the central bank while introducing a whole new monetary system, check out what will happen next……………you have not answered my question yet, i am still waiting.

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  • Well Well,

    We had prepared a draft response to your questions, and was soon to check it, before actually sending the final commentary to BU, when an associate came and in the process of doing something to the system accidentally removed it from the comments box, never to be seen again.

    Anyhow, we will make another effort at sending you a response sometime later tonight.

    We sincerely apologize for the delay in making the response.

    PDC

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  • PDC………….ok

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  • We have been saying it for a very long on this BU blog and elsewhere that with the cost of use of money over 84 per cent out of every dollar transacted in this country that it will get materially financially worse and worse in this country, and that there will be significant short/long term degradations and declines in the welfare of the majority of citizens of this country.

    PDC

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Well Well @ If you think the White World will go after each other for crooks and fraud and leave the 2 main Black crooks in Barbados alone. No way. COW business with HAM was free land and to build and take as they please , Barbados covered up for these 2 main PONZI. men of the Caribbean . Wait until they see the books in/on First Caribbean Bank. You all better pull all your funds out and then you will know if the funds are still there at all. I think its called a RUN on the BANK.

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  • Plantation…………..i am watching from a very safe distance, it will be a money grab…..

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    REWARD
    We knew the I.R.S , was right behind them, Calling All Agents , The Estate of Queen Beatrice Henry to Queen Violet Beckles Now to her Heirs . Will Pay Any World Wide Agent to locate the FUNDS treasury of said Estate a Finders fee .And you may need a offshore account to put the fees in .

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  • Plantation…………..now might be the time for you to push for full disclosure…..

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  • What is a reverend doing offering interest rates, these stupid church people fell for that…………

    Hants……….In todays Metro a judge was locked up for selling citizen exam tests………out of control, he made tons of money.

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Hants@ Now all you have to do is to look at the Church now in Barbados Church let start with Ivan N . Jessamy of Carrington & Sealy a man that holds 2 hats , Minister and lawyer , lets not for get St Marys Church in the City another rent collector of the Estate.AUDIT AUDIT AUDIT.

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Well Well @ in your face railroad. this is Slavery buying selling of Families , more Judges are also of this , in this Practice in America , More to come.

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  • Plantation……..that particular incident happened in Canada, but it shows us that very few people are untouched by corruption, problem is in the Caribbean the leaders figure that if the whites are doing it in the bigger countries, that makes it okay for them to expand on the corruption and take it to another level at the expense of their own people, what they have going in their favor is unlike the whites who are prosecuted and jailed for their crimes, these neanderthals in the Caribbean have full control of the justice system that is supposed to prosecute and imprison them for their corrupt way.

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    Well Well @ Agree

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  • PLANTATION DEEDS FROM 1926-2013 AND SEE MASSIVE FRAUD ,LAND TAX BILLS AND NO DEEDS

    (Trinidad Guardian) Attorney General Anand Ramlogan said yesterday that former Clico executive chairman Lawrence Duprey is now considered a wanted man and Director of Public Prosecutions (DPP) Roger Gaspard has assembled a specialist team of criminal investigators, including an international auditing firm and experienced lawyers, to start a probe of the businessman.

    The specialist team of investigators is “working assiduously and the criminal investigation is under way,” Ramlogan said during yesterday’s post-Cabinet news conference at the Diplomatic Centre in St Ann’s. The AG also said the Police Service has questions to answer about its failure to serve a summons on Duprey from the Sir Anthony Colman Commission of Enquiry into the collapse of CL Financial and the Hindu Credit Union (HCU).

    He was referring to Duprey’s failure to appear before the commission on Wednesday. Both Duprey and former CL Financial Group financial director Andre Monteil, key witnesses to the enquiry, failed to appear, prompting Colman to suggest that the Government should consider giving commissions more power so as to be able to compel witnesses to appear.
    Asked specifically yesterday what this meant for the ongoing enquiry, Ramlogan said Duprey’s failure to appear in a matter where he was the “central protagonist” effectively “makes him a wanted man.

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  • It was inevitable, just a matter of time…………….

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  • glad some countries have some brains.
    next they should make bajans have to get a visa to enter canada.
    that will be next.
    i do believe the rum and the thinking that all is well in barbados is just in your heads…barbados now has a reputation in this world as a less than honest ,decent place.well at least Aurthur and his ministers got their money in Swedish bank accounts .not to worry when money devalues inevitable as well.
    i think barbados should start a war with Trinidad so we can reduce the population which is the main problem. as i see it.

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  • And what are the Canadians doing about all of our electricity dollars, that are reaping a harvest for Emera shareholders up north.

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  • So we all know Politicians have stashes everyplace.
    It must be THEY instruct the INVESTIGATORS only to look for “Stash Cash”
    from some one who actually WORKED for what he /she /they Stashed.
    Cos as yet I do NOT SEE a whole set of EXPOSED Politicos??!!!

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  • Canada offers offshore tax incentives to the rich to get them to relocate and bring their money to Canada so no need for us to think that we are the only ones with tax incentives and that Canada has none, that would be extremely naive – http://www2.macleans.ca/2011/07/19/the-great-white-tax-haven/ Besides, Barbados and Canada have been functioning with the established treaty for 30+ years, Canada created and signed the treaty with Barbados, I think that they have an understanding of how it actually works – http://barbadosoffshoreadvisor.com/barbados-tax-treaties/barbados-canada-tax-treaty/

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