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RSS FeedsFinance Minister Bill Morneau vows to close `unfair´ tax loopholes
(The Star Religion)

 
 

26 may 2017 17:07:36

 
Finance Minister Bill Morneau vows to close `unfair´ tax loopholes
(The Star Religion)
 


Canada’s finance minister denounced “unfair” tax loopholes on Thursday and put Bay Street on notice that the Liberal government is committed to addressing “blind spots” and exposing shadowy corporate finances to public scrutiny.“We don’t want to wait for the next Panama Papers to tell us whether or not someone may be trying to hide their income from taxation,” said Bill Morneau, referring to the massive leak of offshore tax haven documents the Toronto Star and the CBC/Radio-Canada revealed last year. “We’re laying down the gauntlet.”The federal government will release a discussion paper laying out policy positions in the coming weeks and invited Canada’s business elite to weigh in on how to crack down on tax evasion.The goal, he said, is not new revenue — it is fairness.“People have to have confidence in our system. They have confidence that it’s fair for them and their family . . . because at the end of the day, we know that’s a foundation for a healthy and growing economy, and that’s really what we’re after.”Speaking to a room of 80 people at the Toronto Region Board of Trade, Morneau used his strongest language yet in pledging to close tax loopholes that give Canadians with private companies an unfair advantage. “When people pay their taxes, they want to know that their neighbour pays roughly the same taxes,” Morneau said. “Right now there are some loopholes in our system that means that that is not necessarily always the case.“When people see that the tax system is stacked against them, they can get frustrated. We need to make sure that everyone — especially including the middle class, the large group of people who don’t have access to these sort of planning methodologies — feels that the system is working for them.”A review of the tax system, already underway, has raised, ...


 
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