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"Another key reason is that Canada’s corporate registration systems — federally and provincially — are shrouded in the same kind of secrecy that exists in tax h
by mikece 7y ago
"Another key reason is that Canada’s corporate registration systems — federally and provincially — are shrouded in the same kind of secrecy that exists in tax havens such as the British Virgin Islands, Panama and the Bahamas. Company owners who don’t wish to be identified in Canadian corporate registries can pay a lawyer or a stand-in to appear on all public filings."
Would I be correct in presuming that in the two years since this story came out the Canadian Parliament closed at least this loophole -- and perhaps several others?
- momirlan 7y agoUhhh....no
- dang 7y agoWould you please not post unsubstantive comments here? Especially not snarky ones ("Uhhh....").
- hogFeast 7y agoIt isn't a "loophole". This structure, by itself, helps you avoid no tax at all. The issue is a combination of: concealing ownership, concealing identity, and (a big one) home countries not acting on information. But yes: Canada, and the other places where this was happening like Scotland and the Caymans, have started reporting beneficial ownership. This will preserve the reputation of the places involved but, of course, it doesn't tackle the underlying issues.
- alricb 7y agoThere was a law adopted in 2018, and related regulations in 2019: https://www.blakesbusinessclass.com/revamping-canadas-anti-money-laundering-rules-whats-new-whats-changed-means-business/ https://www.blakesbusinessclass.com/revamping-canadas-anti-m...
- munk-a 7y agoI don't know why the assumption is that this hurt's Canada's ability to properly assess and tax - it's like a private whois registration, there is a registrar or stand in that can (and usually trivially accedes) to governmental requests as to original identity, it's just harder for individuals to track down. The government knows who owns what[1]. 1. At least in Canada, there are all sorts of fair accounting laws that require people handling assets to report it to the government in addition to the actual parties who own the assets to do that reporting. If your company is shifting money around in various Canadian bank accounts to launder domestically... the government knows... if you're only using international accounts then why are you even registered in Canada.