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1 - 15 of 1737
Add a filter on Committee Evidence - FINA-223
Committee Evidence - FINA-223
2019-06-20
Hon. Wayne Easter - 11:09
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-20 11:09
...More
Mr. Chair, I first want to thank Mr. Giroux and his colleagues for their work.
I know that you've been working on this issue for several years and that, even though you had other data sources, it wasn't very easy to enlist the co-operation of the Canada Revenue Agency to access the data that you used to prepare this report.
My first question concerns electronic funds transfers. You addressed international electronic funds transfers and transactions between affiliates or related companies. However, from what I can see, for the European Union's black and grey list countries alone, electronic funds transfers total $628 billion.
Can you give us an idea of the countries on these lists and the value of the $628 billion in electronic funds transfers between Canada and these countries and between these countries and Canada in relation to the size of the countries' GDP?
...Less
Corporate income tax
Electronic funds transfers
Gross domestic product
Office of the Parliamentary Budget Officer
Unpaid taxes
Yves Giroux - 11:10
Govindadeva Bernier - 11:11
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-20 11:12
...More
As Mr. Giroux said, the $628 billion in electronic funds transfers to these countries or from these countries to Canada are disproportionate to the real economic activity of these countries.
The same is true for offshore financial centres, which are covered in the other part of your study on electronic funds transfers. There are sink and conduit financial centres. Perhaps it isn't necessary to go into detail. Three trillion dollars pass through these offshore financial centres. We rarely say “trillion dollars” in French, but the amount is more than a few billion dollars.
Can you provide a typical example of an offshore financial centre? How much money goes through these financial centres and what does this mean in terms of the country's economic activity?
...Less
Corporate income tax
Electronic funds transfers
Gross domestic product
Office of the Parliamentary Budget Officer
Unpaid taxes
Yves Giroux - 11:13
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-20 11:15
...More
Exactly. This is the result of the globalization of our economy and the fact that, with the emergence of the Internet, transactions to these financial centres take milliseconds to complete. The funds then move on to other countries, which become hubs of financial flows. The funds only pass through these countries for tax or financial reasons, as you just said.
The other finding—
...Less
Corporate income tax
Office of the Parliamentary Budget Officer
Unpaid taxes
Hon. Wayne Easter - 11:15
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-20 11:16
...More
The other part of this study concerns transactions between companies. These tables basically show that several countries considered tax havens are among the top 10 in terms of offshore transactions with Canadian companies that have affiliates or related companies that don't deal at arm's length. The United States is in first place. This won't surprise anyone, since the United States is our closest neighbour. Canada's trade with the United States is substantial and often valid and proper.
Luxembourg, a European country, is in second place. What is Luxembourg's economy or GDP? How can we justify the fact that this country ranks second in terms of the number of transactions conducted by Canadian companies abroad? Is it because Luxembourg's economy is growing? Is it because many oil wells are drilled in the country and there's an extraordinary amount of economic activity?
...Less
Corporate income tax
Electronic funds transfers
Luxembourg
Office of the Parliamentary Budget Officer
Unpaid taxes
Yves Giroux - 11:17
Mark Mahabir - 11:18
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-20 11:18
...More
The first on the list of the top 10 countries is Luxembourg, whose population is the size of the city of Gatineau, but whose reportable transactions amount to $236.7 billion. There's also Switzerland, whose reportable transactions amount to $198.4 billion, and Ireland, which some people also consider a tax haven and whose reportable transactions amount to $172.4 billion. In Barbados, the reportable transactions amount to $48.2 billion, and in Bermuda they amount to $29.7 billion. The offshore transactions of these five countries on the top 10 list amount to about $685 billion. For the most part, the economies of these countries don't necessarily justify such a large flow of transactions.
Can you give us an idea of the situation in these five countries and the influence of double taxation agreements?
I don't know whether you focused on this issue in your study. I want to know whether the size of the transactions between Canada and these countries can be linked to the fact that we have double taxation agreements. These agreements may encourage the offshoring of profits, which can then be repatriated to Canada at a lower tax rate.
...Less
Corporate income tax
Double taxation
Electronic funds transfers
Office of the Parliamentary Budget Officer
Unpaid taxes
Yves Giroux - 11:20
Mark Mahabir - 11:21
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-20 11:21
...More
Table 3-5 shows that Luxembourg, of all the countries in the world, has the highest revenues from non-residents. These revenues amount to $47.6 billion.
Can you tell us what “revenues from non-residents” means? Are these payments made by affiliates of a Canadian company? What transactions are normally involved? Are they intellectual property payments, interest or dividends, for example?
...Less
Corporate income tax
Electronic funds transfers
Luxembourg
Office of the Parliamentary Budget Officer
Unpaid taxes
Govindadeva Bernier - 11:22
Add a filter on Committee Evidence - FINA-222
Committee Evidence - FINA-222
2019-06-18
Hon. Wayne Easter - 11:26
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 11:26
...More
Thank you, Mr. Chair.
I'll ask another question, which may increase the number of witnesses at the table.
I must first say that I'm very disappointed that the Minister of Finance isn't here today and that he doesn't deign to come to the committee to defend his department's main estimates. The Minister of National Revenue also wasn't here last week.
I want to ask about a widely discussed topic in British Columbia, namely, money laundering in casinos and in the real estate market. The British Columbia government has launched a public inquiry, which shows the significance of the issue in that province. Many people, including the government, are concerned about the issue.
In the main estimates, the Department of Finance is requesting $819,555 under vote 20 to strengthen the anti-money laundering and anti-terrorist financing regime. I want to know more about that amount and whether the Department of Finance's only solution is to spend $819,555.
...Less
Department of Finance
Main estimates 2019-2020
Money laundering
Proceeds of crime
Supporters of terrorism
Hon. Wayne Easter - 11:28
Lynn Hemmings - 11:28
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 11:29
...More
As part of the development of a new policy, some reporting entities could be added to the system to fill in the gaps.
...Less
Department of Finance
Main estimates 2019-2020
Money laundering
Proceeds of crime
Lynn Hemmings - 11:29
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 11:30
...More
One identified gap concerns the oversight, mandate and resources given to the RCMP, particularly in British Columbia. I know that you're representing the Department of Finance, but I think that this matter is part of the discussion. That's why I want to point out that hardly anyone was conducting audits or investigations that would lead to charges in this area.
Has this issue also been addressed by the Department of Finance and, ultimately, by the RCMP?
...Less
Department of Finance
Main estimates 2019-2020
Money laundering
Proceeds of crime
Royal Canadian Mounted Police
Lynn Hemmings - 11:31
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 11:31
...More
Was the $10 million included in the 2019-20 main estimates, or will it be requested in a subsequent budget?
...Less
Department of Finance
Main estimates 2019-2020
Money laundering
Proceeds of crime
Royal Canadian Mounted Police
Lynn Hemmings - 11:31
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 11:31
...More
FINTRAC plays an important role in this issue. We're asking for $3.6 million for a new FINTRAC initiative.
Can you elaborate on this initiative and on the $3.6 million requested for FINTRAC in the main estimates?
...Less
Department of Finance
Financial Transactions and Reports Analy ...
Main estimates 2019-2020
Money laundering
Proceeds of crime
Lynn Hemmings - 11:32
Christopher Veilleux - 11:33
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 11:33
...More
Okay, thank you.
I would like an update on another topic.
Last year, the budget implementation bill provided some flexibility for fintechs. The bill provided some regulatory powers to clarify how fintechs could operate in the sector, and it was expected that regulations would follow. Is the work still ongoing? When will these regulations be published in Part I of the Canada Gazette?
...Less
Department of Finance
Financial service industries
Information technology
Main estimates 2019-2020
Leah Anderson - 11:34
Hon. Wayne Easter - 12:02
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 12:02
...More
I had the same question, but I didn't hear which group will receive the $50,000 over three years.
...Less
Canada Pension Plan
Department of Finance
Main estimates 2019-2020
Pensions and pensioners
Lynn Hemmings - 12:03
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 12:03
...More
Is it an organization—
...Less
Canada Pension Plan
Department of Finance
Main estimates 2019-2020
Pensions and pensioners
Lynn Hemmings - 12:03
NDP (QC)
Pierre-Luc Dusseault (Sherbrooke)
2019-06-18 12:03
...More
So it's a Canadian organization.
...Less
Canada Pension Plan
Department of Finance
Main estimates 2019-2020
Pensions and pensioners
Lynn Hemmings - 12:03
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