ANOTHER $200 FINE COMING RIGHT UP;
Two generations of Liberal fundraisers — Stephen Bronfman and his 88-year-old retired senator godfather Leo Kolber — are tied together in a complex offshore structure that amassed $60 million (U.S.) in a tax haven beyond the reach of tax collectors in Canada, Israel and the U.S., a newly leaked trove of documents reveal.
Buried in the Paradise Papers, a massive leak to the German newspaper Süddeutsche Zeitung and the International Consortium of Investigative Journalists, which includes the Toronto Star and CBC/Radio-Canada, are more than 5,000 pages of internal records detailing how the Bronfmans and Kolbers invested in Israel through two offshore trust funds in the Cayman Islands.
It was a two-family affair: Stephen Bronfman personally lent millions to the Cayman trust that handled his family’s investments in Israel, run by Leo Kolber’s son, Jonathan, 55.
Trudeau’s “chief fundraiser”. Grab a coffee.
The journalist who exposed Panama Papers killed by car bomb, hope this one gets adequate protection. #ParadisePapers
— IMRAN KHAN (@imranmkkhan) November 5, 2017
More: “Kill Bill”
It was only in 2007, after Stephen Harper’s Conservative government came to power, that a bill finally passed the House of Commons. The hallmark of that legislation was that all Canadian contributions to foreign trusts would now be taxed on their earnings.
“It was actually a time when all parties came together on one issue,” former MP Wasylycia-Leis said. “And that was to find a way to stop the spread and growth of these tax havens.”
But Davies Ward wasn’t going to give up yet.
Oh oh Adscam. ..the sequel is about to erupt.
The usual suspects. Mulroney, da liddel thief, Paul Martian.
Anybody surprised? Might be a few more close to the librano government.
These F’n Billionaires Scamming the tax sysyem
Heat getting real all around the world, locally it is last chance for Liberals MPs to stand at least as independent to not be associated with this train wreck run by the sock boy.
Now Monreau will be taken to the woodshed by the elite.
I wonder if Stephen Bronfman is any relation to Charles Bronfman the then owner of the now Washington Nationals.
Any Canadian who takes money out of Canada, taxes paid on it, should be able to invest that money and Canada should have no claim on the returns of that money. Equally, if that invested money is lost then there can be no tax advantage under Canadian tax law. STEWART
Yep, glad you included Quebec Liberal Brian Mulroney in there. Mulroney,as I’m sure you remember,allowed the Bronfmans to move 2 billion dollars to the Bahamas,in contravention of Canadian laws.
The Bronfmans got their start in the bootlegging business during Yankee Prohibition,and were in business with gangster in Cleveland,Detroit,and Chicago,including Luciano,Torrio,and Al Capone, but they were and still are a big part of the Canadian establishment.
is anyone honestly surprised?
http://nonprofits.accesscomm.ca/srvoice/news/Mar97No2.html
“The Bronfmans got their start in the bootlegging business during Yankee Prohibition,and were in business with gangster in Cleveland,Detroit,and Chicago,including Luciano,Torrio,and Al Capone, but they were and still are a big part of the Canadian establishment.”
The Bronfmans originally immigrated to Wapella, Sask.. They bootlegged in the South Moose Mtns… Carlyle Sask.. Not to far from Kate’s stomping grounds..Al Capone Moose Jaw Rail Connection
Not illegal to invest in Israel…only profits held outside Canada….
Not a word about investing in Cuba or N Korea..
Behind all the self-righteous noise from CBC, I can’t help but notice only the words “tax avoidance” being used, not “tax evasion”.
The only question that matters is: have any Canadian tax laws been contravenedbroken?
Non of this is surprising. And we wonder how Chretien and Mulroney, who came from lower middle class families, became millionaires during their terms of office? We happened to see Mulroney’s winter digs in West Palm Beach a number of years ago. My sister who lived there during winters pointed the place out. Believe me it wasn’t in a Florida trailer park.
We have our own Clinton like crime syndicate in the Laurentian Elite cabal. Both crime families make the 15th century Italian Borgia family look like pikers. In both cases the press does its best to protect them.
Does this mean that small business owners won’t have their taxes increased because Clown Prince Pixie Dust considers them “tax cheats”?
Nah. This is Canada–only little people pay taxes here.
I wonder how much Justin and morneau benefitted from the 21 year rule?
“desaults was referring to events that took place in 1991 when a law firm, acting on behalf of a family trust controlled by the powerful Bronfman family, asked Revenue Canada for an advance tax ruling to confirm that public company shares could leave Canada tax-free. The purpose of the transaction, according to Revenue Canada, was to allow the Bronfmans to avoid paying tax under the twenty-one year rule accorded to family trusts. Under the family trust provisions established by the Liberals in 1974, Canada’s wealthiest families could transfer assets to their children with no tax paid on those assets for twenty-one years. However, funds transferred out of the country were deemed to have been sold and taxes had to be paid on the capital gains.
But even our Queen does it. Today’s Daily Mail:
The secretive dealings of the Queen and the world’s biggest businesses are today revealed in an explosive leak of confidential financial documents branded the ‘Paradise Papers’. The 13.4million files expose the ways that the rich and powerful are protecting their wealth using a web of offshore accounts. It includes allegations that the Queen’s private estate secretly invested huge sums of cash in tax havens. The duchy – which was set up in 1399 to generate a financial return from the reigning monarch – holds investments via funds in businesses including off-licence chain Threshers and retailer Brighthouse. But now the estate stands accused of using offshore private equity funds in the Cayman Islands that shield UK investors from paying US tax on their holdings.
I would be most interested to hear from the Minister of Fairness and the PM about this issue.
The professionals and small businesses, called to the carpet by this government because they have incorporated to pay taxes at a lower rate, might have a few pertinent questions for the Trust Fund Duo as well.
Bronfman, those damn Russians again, butt at least they are not dialogs like that Russian, Alinsky, they just be Putin on the ritz like good business crooks!
From the Paradise Papers you can add Marc Rich who was pardoned by BJ Clinton on his last day in office. This is the founder of Glencore, owner of Viterra grain.
http://nypost.com/2016/01/17/after-pardoning-criminal-marc-rich-clintons-made-millions-off-friends/
Laws are for the little people.
And thus the source of funding and orchestration for Harper Derangement syndrome.
Why are we paying taxes again?
This is OT but Rich was forced to relinquish majority interest in Glencore during 93/94 when he guessed wrong in the commodities market.
From your link:
“These Rich connections are, of course, based on disclosed donations. But we now know that the Clinton Foundation has failed to disclose more than 1,000 donors, despite its written agreement with the Obama transition team that it would maintain complete transparency.
Many of those donations came through a Clinton Foundation project in Canada, which is heavily laden with donations from the natural resources and commodities industries”
….and Liberal government generosity. Remember Trudeau’s donation made to the Clinton Foundation courtesy of the taxpayers of Canada.
To fund WWI, remember?
Perhaps it is nothing, but there is great overlap between Appleby’s clients and prince Al-Waleed bin Talal holdings.
Silly peasants!
These funds are all held in a numbered company that hold shares of Morneau Sheppell, so its okay!
How many PMs have we had connected to the Desmarais family and Power Corp? I think the only one would be Stephen Harper in the last 50 years. Would explain a lot about the only competent PM in the last 50 years was vilified so much!
There’s an old remedy that will stop all this.
http://boisdejustice.com/Drawings/Drawings.html
Timely captcha: Solicitors Road
The Desmarais’ have a horse in every race.
Your right in that Harper wasn’t a Power Corp jockey.
They own the LPC.
More librano news.
The criminal Dennis Corderre is now apparently the former mayor of Montreal.
Ha ha
So now that Justin has set the precedent we now have another quasi terrorist suing us for 50 million dollars. With two more years to go by the time pretty boy is done our national debt should be a trillion dollars. Harper warned you but the millennials could only see pot in their eyes.
As repellent yet predictable as this is, are there any riots over this in the near future?
To wit:
“Ms. Park, a conservative, had adopted a tough approach toward the North, focusing on stronger sanctions. Her administration had also agreed to deploy an American advanced missile defense system that infuriated the Chinese.
Yet her deep unpopularity — the result of a scandal over influence-peddling that led members of her own party to want to oust her — increases the odds that the next election will be won by an advocate of friendlier relations with China.”
(South Korea Enters Period of Uncertainty With President’s Impeachment By CHOE SANG-HUNDEC. 9, 2016)
One can ruminate on corruption in South Korean politics or how an anti-Kim president was forced out before the completion of her five year term for a pro-Kim one but that would be missing the point. The South Koreans saw something they didn’t like and did something about it.
Will this new scandal register with the popcorn and beer crowd?
I say not.
For this reason, I say Canadians deserve the poverty and indentured servitude they have coming to them.
As repellent yet predictable as this is, are there any riots over this in the near future?
To wit:
“Ms. Park, a conservative, had adopted a tough approach toward the North, focusing on stronger sanctions. Her administration had also agreed to deploy an American advanced missile defense system that infuriated the Chinese.
Yet her deep unpopularity — the result of a scandal over influence-peddling that led members of her own party to want to oust her — increases the odds that the next election will be won by an advocate of friendlier relations with China.”
(South Korea Enters Period of Uncertainty With President’s Impeachment By CHOE SANG-HUNDEC. 9, 2016)
One can ruminate on corruption in South Korean politics or how an anti-Kim president was forced out before the completion of her five year term for a pro-Kim one but that would be missing the point. The South Koreans saw something they didn’t like and did something about it.
Will this new scandal register with the popcorn and beer crowd?
I say not.
For this reason, I say Canadians deserve the poverty and indentured servitude they have coming to them.
Trudeau and Morneau, the Trust Fund Twins,pretending to be champions for the “Middle Class” is nothing but a sham. Was this before or after they labeled small business owners, farmers, professionals as tax cheats?
All this while their big supporters and fund raisers are getting richer in offshore tax havens.
This is beyond scandalous.
the more you try and screw someone over, the more likely they are to take action to prevent it.
If the legal residency of a trust is the Cayman Islands, the trust should be taxed in the Cayman Islands (in other words no tax). Canada would be upset if Germany put a tax on Canadian Corporations resident in Canada. It aint rocket science.
Scar – the issue becomes very much how a Canadian resident reports the income from that Cayman Islands trust. A Canadian resident is required on his/her T1 to report income from all sources world-wide in the taxation year. It may be tax-exempt, but generally still has to be reported. And I am wondering if income from an off-shore trust would be tax-exempt income.
As a somewhat analogous situation is if I own shares in a foreign corporation – Nokia, for instance. This company is taxed in its country of residence, not in Canada. However, any dividends I may receive from them are considered income under the meaning of the act, and I must report same on my T1. And, to make matters worse, foreign dividends are not given the nice tax treatment Canadian dividends are. On the other hand, I will very probably have had foreign tax withheld by the source country, and I am entitled to a foreign tax credit as calculated on the S1 and the AB428.
Even if the income from the trust is considered tax-exempt, the taxpayer may have fallen foul of the law by not reporting his/her interest in the same on form T1135 and filing it with the T1. Penalties for not reporting foreign property are nasty.