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Canada stepping up fight against tax evasion in wake of Panama Papers

Canada is looking to crack down on those avoiding paying their fair share of taxes.
Canada is looking to crack down on those avoiding paying their fair share of taxes. THE CANADIAN PRESS/Sean Kilpatrick

WASHINGTON – The Canadian government plans to fight against tax evasion, both abroad at an international summit and at home in co-operation with the provinces.

Finance Minister Bill Morneau is detailing different fronts where he’d like to step up the effort.

WATCH: Trudeau: Canada is working with nations to stop tax evasion

 
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Trudeau: Canada is working with nations to stop tax evasion – Apr 6, 2016

He is discussing his plans at global financial meetings in Washington, where the leak of the Panama Papers has been a hot topic in official discussions and hallway chatter.

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Morneau says he’ll be pushing for countries to sign on to bank-reporting standards being promoted by international organizations – which Panama has yet to adopt.

READ MORE: 50 biggest US corporations are stashing $1.4 trillion offshore: report

He also says he’d like to raise the issue with the provinces.

Transparency advocates say it’s easy for tax cheats to register companies within Canada and never have to prove their identity – a problem they say is worse with companies registered provincially.

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