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about. April 9
Your recent report on Mark Carney’s involvement in Bermuda-registered investment funds was of no help, involving the outdated and misleading term “tax haven.” Although the term has no official definition, it is widely understood as meaning a country that promotes companies and wealthy people to avoid taxes. Please allow me to keep the record.
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Under OECD’s common reporting standards, anyone doing business with a Bermuda financial institution or the Cayman Islands will automatically report to their Internal Revenue Agency (CRA in Canada) and require taxes to be paid under their Internal Revenue Act. A peer review system between signatories ensures strict enforcement of the rules. Therefore, neither the OECD nor the EU includes a list of non-competitive countries in Bermuda or the Cayman Islands, known as the “tax haven blacklist”.
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Readers may wonder why companies operate in Bermuda and whether they are not allowed to avoid taxes. The simple reason our critics deliberately ignore is that “tax neutral” countries like Bermuda and Cayman allow for summaries of investment capital from around the world and deploy investors more effectively without the need for investors to navigate complex and ever-changing double tax treaties.
Therefore, investors in the Canadian Bermuda Fund do not avoid taxes in Canada. Instead, they avoid taxes from other countries, which is just to increase taxes in Canada. It’s time for Canadian media (like the OECD and the EU) to retire.
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Steve McIntosh, CEO of Cayman Finance
Poilievre should also target oil companies
about. On January 21, “the Prime Minister puts oil and gas before farmers.”
It’s nice to hear that Pierre Poilievre will follow these wealthy elite millionaires who don’t pay taxes. First, his list may be on Alberta’s wealthy elite oil company, refusing to pay $250 million in unpaid taxes.
John Valentine, Edmonton
Beware of paying parking fees through the app
about. “City Hall introduces mobile parking payment process only”, March 29
I’m a senior and I don’t like using apps on my phone. Last year, I did use the Hotspot app in Jasper. Immediately after using it, I get a warning from my bank account. Two weeks later, my account still has a debit. Thankfully the bank reversed the transaction, but I had to complete the invalid task of closing my card and having to set up new information. I will not use hotspots and I suggest you be careful.
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Rachelle Stewart, Edmonton
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