MONEYBAGS MORNEAU: Finance Minister Used Offshore Tax Haven In The Bahamas


While Justin Trudeau targets Canadian family farms and small businesses, his government refuses to crack down on the use of offshore tax havens by the top 1% – like elitist Finance Minister Bill “Moneybags” Morneau.

The Trudeau government has said their “tax changes” targeting Canadian small businesses (including family farms), are meant to increase “fairness.”

And yet, it seems Canada’s Finance Minister thought it was fair to use an offshore tax haven in the Bahamas.

To start with, it’s important to point out that Morneau did not break any laws. That said, the fact that it’s so easy for many of the top 1% to conduct offshore banking just goes to show how rigged the system is in the first place.

As reported by BetterDwelling.com, the International Consortium of Investigative Journalists notes that “Francis Morneau William” (Bill Morneau), was listed as the Director of Morneau Shepell (Bahamas) Ltd.

The report notes that Morneau resigned from Morneau-Shepell “and all of its subsidiaries”, going on to say that “Morneau is one of the people that actually do have legitimate businesses there. Morneau-Shepell set up the Bahamas subsidiary in 2014 to consolidate the pension consulting they do in the Caribbean. It’s just a happy coincidence that the Canadian firm gets to reduce taxes by setting up a Bahamas branch.”

So, Morneau did not do anything illegal, but he did take actions to reduce the amount of taxes he pays in Canada. The irony here is immense. Morneau is pushing tax changes because he and Trudeau claim Canadian small businesses aren’t paying enough. Yet, those business are still paying taxes in Canada. But Morneau and others using offshore tax havens seem to want to avoid paying Canadian taxes, and the government is refusing to take action.

Canada’s elites have been rigging the economy in their favour, and against middle and working-class Canadians for some time. As noted in the BetterDwelling report, “For the past 40 years, we’ve been turning Canada into a country to ease offshore banking. People that use these measures are legally moving the tax burden from themselves, to middle class Canadians. It does suck however to have the watchdog for our financial industry engaging in offshore business. If we can’t convince a member of Parliament that he shouldn’t be sending funds offshore, who can we convince?”

Morneau should share tax return with Canadians

It’s outrageous for Morneau to be going after Canadian small businesses for not paying enough after he used an offshore tax haven. And while there’s no reason to believe he still does, he should share his tax return with Canadians to make that perfectly clear. Canadians must be able to have at least some confidence in our public officials, particularly the finance minister.

Protect Canadian small businesses, crack down on offshore tax havens and offshore banking

Instead of going after Canadian small businesses, the government should target the use of offshore tax and banking havens. That’s where the real money will be found, and that’s where many of the true 1% are avoiding the taxes the rest of us Canadians are paying.

The government should make it far tougher to set up offshore, and impose retroactive taxes on those who have done so just to avoid paying the same taxes as their fellow citizens.

Of course, the Trudeau government won’t do that, since they serve the elites at the expense of the rest of us. The fact that they would rather extract money from farmers and small business people instead of those banking offshore is a total disgrace, and confirms their disloyalty to the true Canadians who build our nation.

Spencer Fernando

Photo – YouTube

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8 comments Add yours
  1. I strongly suspect that CBC and TheStar laundered the list of name in Panama Documents (the only recipients of them) before releasing them to the public.
    Can you tell us where we can get a complete list of Panama Documents before these two elite media outlets white washed them?

  2. I am a very strong critic of tax havens and their use by wealthy individuals and corporations to evade and avoid taxes. But in the case of Morneau Shepell (Bahamas) Ltd., it is my understanding that this is a legitimate subsidiary that is carrying on business there. In other words it has economic substance and is not a shell company that is primarily for avoiding taxes. While the Liberal government has not gone far enough in curbing corporate tax dodging using offshore subsidiaries, they have taken a number of steps to curtail wealthy individuals use of tax havens.

  3. Why did reporters who interviewed Trudeau did not bring this up!!!! Why are the laws protecting these people with offshore accounts changed so they cannot continue legally avoiding paying taxes I simply do not understand why the elites have it all. But the government wants to hit on the
    farmers, lawyers doctors and small business!!!! Some of them make lots of money I agree and some changes could be made to be more equitable….but this is arrogance at it best!!!!

  4. Regardless of how we, as individuals, view Morneau’s financial dealings, it is all too typical of the Liberal’s constant apparent ‘double standards.’ In fairness, though, this is and always has been (at least since the sixties) their way of viewing the world. They live ‘there,’ and the peasants live ‘over there,’ and never the two will meet.

  5. Certainly the government should go after the big fish. But why are you making the inaccurate claim that the government is going after farmers and small businesmen in general?

    Stephen Gordon: The Liberals can and should win this fight against the rich

    http://nationalpost.com/opinion/stephen-gordon-the-liberals-can-and-should-win-this-fight-against-the-rich

    “Heated rhetoric notwithstanding, the measures affect only a small group of CCPC owners: those with the sort of incomes that would put them comfortably among the top one per cent of Canadian earners.”

    ______________________________________

    Modern Monetary Theory in Canada

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