Tax avoidance: Canadian companies transferred $120B to Luxembourg, study says

A sign outside the Canada Revenue Agency is seen Monday May 10, 2021 in Ottawa. A Quebec research institute says big names such as Thomson Reuters, Alimentation Couche-Tard and Saputo Inc. have transferred billions of dollars in profits to Europe.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.says 59 Canadian companies — including 33 headquartered in Quebec — transferred some $119.

The study notes that tax avoidance strategies aren’t illegal but violate the “spirit” of the law because they permit companies to pay ultra-low taxes in jurisdictions other than where the majority of their economic activities occur.Couple found guilty of stealing identities of dead babies to dodge debtsThe researchers say some companies on the list have received public subsidies in Canada, such as COVID-19 wage subsidies.

The study says it’s not possible to measure how much potential Canadian tax revenue has been lost, because the profits transferred to Luxembourg come from companies’ activities in multiple countries.Canada needs to nearly double immigration rate in the long run: RBCViewed

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