Corporate Canada's cash in tax havens explodes to $199 billion under Stephen Harper
Isn't this curious?
Despite claims that raising corporate taxes will lead to "capital flight," Corporate Canada has managed to smash its old record, sending close to $200 billion to tax havens – even as Canadian corporations enjoy their lowest tax rates in recent history (and among the lowest in the world) thanks to Stephen Harper's Conservatives.
New data from Statistics Canada show the amount of money flowing from Corporate Canada into the world's top 10 tax havenshit a record $199 billion last year. And if that doesn't surprise you, get this: the second biggest destination for money flowing out of Canada is now Barbados.
Yes, that needs to be put in bold – foreign direct investment in the tiny island nation of Barbados ($71.2B) is second only to the United States ($350B) and is actually greater than the amount of money Canadian companies invest in China, Germany, Brazil and Mexico combined.
And rounding off the top five? Two more tax haven countries: the Cayman Islands and Luxembourg:
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