PARADISE PAPERS: Paul Martin Family Offshore Holdings Have Skyrocketed

Another former Liberal Prime Minister seems linked to the Paradise Papers.

Every day seems to bring new revelations about the efforts of the elites to move as much business as possible offshore.

Even those who Canadians expected loyalty from – former leaders of our country – seem unwilling to pay the same tax rates they subject the rest of us to.

Now, it’s former Liberal Prime Minister Paul Martin – and specifically his family’s offshore holdings – that are facing scrutiny.

According to a recent report, “The offshore holdings of former prime minister Paul Martin’s family have proliferated in the years since he left public office, documents from the Paradise Papers show. In fact, Canada Steamship Lines, Martin’s former shipping empire that he left to his sons in 2003, is one of the “largest clients” of the offshore law firm at the heart of the huge leak, according to an email exchange between firm managers in 2015.”

Apparently, the taxes in the offshore Barbados tax haven were too high, so many CSL subsidiaries shifted from Barbados to Bermuda – where there are no taxes at all.

The report lists the following CSL subsidiaries as being incorporated in tax havens:

  • A series of companies under the title FB Shipping, including Barbados-incorporated FB Shipping (III) Inc., FB Shipping (VI) Inc. and FB Shipping (X) Inc., which appear to own and register individual CSL vessels.
  • CSL Management Ltd., incorporated in Bermuda in 2012.
  • CSL Africa SL Ltd., incorporated in Bermuda in 2013.
  • CSL Tecumseh LP, formed in Bermuda in 2013.
  • IC Holding Ltd., incorporated in Barbados in 2004 but moved to Bermuda in 2012.

Even when Martin tiredly controlled “Canada Steamship Lines,” the company used the flag of war-torn Liberia. So, Martin used Canada to brand his company, but used a foreign flag and incorporated it in a tax haven – all to avoid paying Canadian taxes.

Since then, his former company has taken even more steps to avoid the taxes that are paid by the rest of us. And all the while, the Liberals tried branding Canadian small businesses as tax cheats and tax-avoiders, while their elitist friends and former PM’s were moving stuff offshore.

It’s a total disgrace, and it is destroying the last remnants of trust and credibility that once existed in our government system.

Spencer Fernando

Photo – YouTube

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max
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max

I don’t believe that CBC and The Star are going to publish all offenders, as they are in succotash with Trudeau’s liberals and are willing to compromise the journalist’s creed for this. (Payola) They have received over 600 Canadian names to CBC and Star (from ICIJ) in Panama Papers but released only about 300. If I am not mistaken Paradise papers have much more Canadian names and I am afraid they are going to whitewash them also. Remember the reason given for “editing” the list was that we the low-level subpopulation (conservatives I guess) could misconstrue or some such word… Read more »

Major Tom
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My late grandfather….a World War I veteran, regarding Canadian politics…used to say…..in German…..”…..die dunnen schweine gehen in und die fette kommen aus……”

“The skinny pigs go in……and the fat ones come out………”

Cr
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Cr

Liberals have no place in our country.

Frank
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Frank

The trust and credibility vanished shortly after Trudeau was elected and just like his father before him, he will divide and destroy this country once again. For having promised an “open and transparent government”, this has be one of the most secretive and corrupt governments ever in Canada’s history. Morneau insinuating that small businesses are tax cheats while proving to be one of the worst of all himself is straight out of the liberal playbook – accuse others of what you yourself are actually doing. Worse yet are the blind fools who voted for this morally bankrupt government. Who could… Read more »

Jen
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Jen

The liberals are above the law which the media has kept quietly from the general public. So what Paul Martin puts his business in Barbados and elsewhere to avoid paying taxes, what are you going to do to him…nothing. He is a liberal and not having to obey the law of the land is his prerogative and no one can say otherwise since the media is on board day and night protecting him and other liberals and their elite friends from being exposed or else the liberals have a way of firing reporters who do not fulfil their job protecting… Read more »