Paradise Papers: Bronfman, Habs issue denials after being swept up in storm

Paradise Papers: Bronfman, Habs issue denials after being swept up in storm”

In response to suggestions from some tax experts, based on the leaked documents, that questionable transactions may have occurred within the offshore trust account, Bronfman said Monday in a statement he "has never funded nor used offshore trusts" and that his "Canadian trusts have paid all taxes on all their income to the Canadian Government".

Queen Elizabeth II and several of Donald Trump's allies are said to be among 120 worldwide figures and companies who have been exploiting secret offshore tax havens to protect their wealth, an global team of journalists has learned.

The Bronfman family has always been friendly with the current prime minister and his father, Pierre Trudeau, who led Canada for 15 years.

Bronfman raised millions for Trudeau's campaign as the revenue chairman of the Liberal Party of Canada.

"The CRA (Canada Revenue Agency) is reviewing links to Canadian entities and will take appropriate action in regards to the Paradise Papers", John Power - the spokesman for Revenue Minister Diane Lebouthillier - said.

Also among the leaked documents was a register of investors in Madagascar Oil that lists Chretien as having received 100,000 stock options. Any trusts "have paid all taxes on all their income to the Canadian government".

Chretien says Madagascar Oil was a client of Heenan Blaikie, a now-defunct Canadian law firm.

"I never received any share options and I never had a bank account outside Canada", Chretien said.

New Democratic Party parliamentary leader Guy Caron accused the Trudeau Liberals of "making it easier for their friends to place their money in offshore accounts... and not pay their fair share".

In Monday's statement, Bronfman said that a "single loan made over a quarter-century ago to the Kolber Trust was repaid five months later, and was on an arm's length, fully commercial basis, in full compliance with all legal requirements, including with respect to taxes".

The use of offshore trusts by Canadians is legal, although legislation over the past two decades has tried to limit their tax benefits. And there may be other legitimate reasons for setting up an offshore account, including if you're a contractor doing work in a particular country.

Surely, a similar argument can be made about offshore tax havens. "What's illegal about offshore trusts is to not declare it to CRA".

These assurances, however, failed to quell opposition attacks on the government.

The first was Stephen Bronfman of Canada's iconic Bronfman family, who, aside from being a close friend of Trudeau, was also his chief fundraiser for the 2015 election.

Mr. Trudeau told parliament the government "is fully committed to fighting tax avoidance and tax evasion, and we will continue to ensure [authorities] pursue all [tax] infringes on many years to come". As the result of audits over the past two years, the agency says it has identified some $25 billion in unpaid taxes, interest and penalties but it's not saying how much has actually been collected to date from those using the schemes.

Like this



29 March 2018
Max Polyakov: The Knowledge Economy and its Opportunities for Businesses
Knowledge should be the fundamental aspect of any production process, as well as it should be used in every technological process. Furthermore, the USA accounts for more than a quarter of the world economy (24.8%); the cash equivalent is about 18 trillion USD.

07 November 2017
Deals and freebies for Veterans Day 2017
Hy-Vee - The popular grocery store chain is offering a free breakfast buffet to veterans at participating stores (Nov. 11, 2017). Must present a Walgreens Rewards card and valid Military ID or proof of service to receive the discount on eligible items.

07 November 2017
Galveston PD, FBI announce reward for information regarding body found on beach
Investigators say " Little Jacob " was found back on October 20 on the beach in the 700 block of Seawall Boulevard. They add they are confident "someone knows who he is".

07 November 2017
Earnings On Deck For TherapeuticsMD, Inc
The stock exchanged hands with 4,783,987 numbers of shares compared to its average daily volume of 2.52M shares. TherapeuticsMD is a healthcare company, which focuses on developing and commercializing products for women.

07 November 2017
Verizon Communications Inc. (VZ) Receives Hold Rating from KeyCorp
OLD Dominion Capital Management Inc. raised its holdings in shares of Verizon Communications by 42.8% in the first quarter. It improved, as 24 investors sold FLEX shares while 98 reduced holdings. 59 funds opened positions while 152 raised stakes.

07 November 2017
Authorities Investigating Helicopter Crash in NW Iowa
The Federal Aviation Administration is scheduled to arrive Tuesday morning to investigate the crash. The victims were transferred to a Sioux Falls hospital.

07 November 2017
Vengeful Wife Diverts Qatar Airways Flight
They kept the family at the airport till the woman got sober and then put them on a Batik Air flight 6019 to Kuala Lumpur. Officials of Qatar Airways refused to divulge details about the flyers citing privacyissues.

26 September 2017
Explore Fort Tilden State Park: An Abandoned New York City
As you approach the boat graveyard, as its name is, there are about more than 100 extinct vessels that rest in the relative peace. But in the recent years, it had gone from an obscure stretch to a favorite destination among the beachgoers and lovers as well.

15 September 2017
ShangriLa is online casino with guarantee of won money pay outs
Shangri La proposes games for any taste A large selection of slot games allows anyone to choose a game for any discerning taste. This is the best place to spend your free time with pleasure, stress relief, relax and forget about the daily problems.

23 June 2017
Marvel Looks To Shake Its Poor Gaming Reputation
The games are well designed with attractive graphics and extensive content, but neither is viewed as a flawless experience. These games tend to be actually well done for what they are, and in a way they’ve been the pride of Marvel gaming.