Cracking down on tax cheats
Murray Rankin's new bill would close a loophole that cost Canadians $400 million each year
When profitable corporations and wealthy individuals avoid paying their taxes, it hurts ordinary Canadians who work hard and play by the rules.
That’s why Murray Rankin introduced Bill C-362 to crack down on tax cheats by denying tax breaks to “avoidance transactions” that lack real economic value.
According to Canadians for Tax Fairness, this could recover $400 million in lost revenue each year to provide better public services to all Canadians.
Click here to support Murray Rankin's bill to get tough on tax cheats.
"One way to restrict corporate tax haven abuse would be to require economic substance for any offshore subsidiary to be recognized as a separate corporate entity for tax purposes. Bill C-621, introduced in the last parliament by Murray Rankin, provides a good legislative example of how this could be done. We estimate this measure could raise $400 million a year."