Conservatives need to prevent tax fraud
February 12th, 2015 - 2:23pm
The Conservative government needs to step up tax laws and enforcement without delay in response to a tax evasion scheme involving HSBC, in order to stop companies from helping Canadians commit tax evasion.
“The government needs to use the HSBC case as a model to tighten the rules for all corporations, including these unscrupulous Canadian companies that have been helping individuals elude their tax obligations,” said NDP Revenue critic, Pierre Dionne Labelle (Rivière-du-Nord).
According to media reports, HSBC Bank has helped about one hundred Canadians avoid paying their taxes. The Canada Revenue Agency (CRA) is currently attempting to recover the funds from abroad, however, the NDP believes that the Agency needs to further crack down by imposing serious penalties to dissuade individuals.
“Billions of our tax dollars are currently locked up in overseas tax havens and the Conservative government has been turning a blind eye for too long. It’s time to put an end to the fun and games. We need this money to maintain our social programs, stimulate our economy and help the middle class,” added Dionne Labelle.
According to recent information obtained by the CBC, of the 1,859 Canadians who managed to avoid the tax authorities, 264 of them have returned $28.4 million in unpaid taxes via the CRA’s Voluntary Disclosure Program. However, no tax evasion charges have been laid thus far.