A Quebec research institute has found that Canadian companies have transferred billions of dollars in profits to Luxembourg for tax avoidance purposes in recent years. The list includes big names such as Thomson Reuters, Saputo Inc., CAE Inc. and Alimentation Couche-Tard. A Quebec research institute says some of Canada’s biggest companies have transferred billions of dollars in profits to Luxembourg to avoid paying domestic taxes.
The research published Thursday by IRIS says 59 Canadian companies — including 33 headquartered in Quebec — transferred $119.8 billion in net profits to the European low-tax country over a period of about 10 years. Colin Pratte, a researcher with IRIS and the study’s co-author, said Luxembourg was chosen for the research because, unlike other tax havens, it makes financial information publicly available. While studying those disclosures, researchers concentrated on the period between 2011 and 2021, during which the transferring of profits rose sharply, he sai
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