CANADA's FINANCE MINISTER BILL MORNEAU VOWS TO CLOSE ‘UNFAIR’ TAX LOOPHOLES
(Puerto Rico should follow the lead)
|Justin Tang / THE CANADIAN PRESS file photo|
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,
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.”
“When people pay their taxes, they want to know that their neighbor 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.”
The government later committed to action on the issue in the federal budget. Morneau is now committing the government to reforming the country’s corporate registration system.
“If we think we can sustain a market-based democracy where half the population feels it isn’t working for them, we need to think hard about that,” he said.