LETTER: Offshore investments by wealthy Canadians aren’t illegal

LETTER: Offshore investments by wealthy Canadians aren’t illegal

Dear editor,

I am impressed at the angst coming from many individuals and some groups over the exposure of the Paradise Papers, which show that trillions of dollars are being siphoned from national tax revenue agencies.

What I find interesting is the suggestion that we are witnessing tax dodges by tax cheats.

Nonsense!

The people who are using the small business tax legislation to benefit themselves and their families and those who send billions to offshore tax havens are using tax laws and legislation that were created for just such a purpose.

Previous federal governments have enabled Canadians with a great deal of wealth to invest offshore. These people are not doing anything illegal, they are using laws that were created for this purpose.

There are certainly many economic and tax injustices in the existing tax system, allowing the wealthy to increase their wealth. While the wealthy are doing this, health care costs, infrastructure, public education and poverty reduction plans are paid for by the middle class and working poor.

Negotiate international agreements among the G20 that outlaw tax havens, agreements that impose penalties and maybe even prison sentences on those who use tax havens – are you kidding? Really?

Why would any government that benefits from huge corporate donations want to kill the goose that is laying their golden eggs? Any of the parties who legislated existing tax laws would have their corporate political donations dry up like buffalo chips on the prairies if they tried to amend the tax laws to close loopholes and discourage shipping Canadian wealth to tax havens.

Are you upset about tax havens and people who use the existing tax laws to their benefit? Direct your opposition at Ottawa and the federal government for changes in the tax laws.

Cliff Boldt

Courtenay

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