Conservatives pitch plan to crack down on offshore tax loopholes

EDMONTON — The Conservatives say that if they form government, they will crack down on offshore tax loopholes by appointing a “bring it home tax task force” — a policy pitch that leader Pierre Poilievre used to launch an attack on his Liberal opponent.

In a press release, the party says the task force would make the rules more fair and simple and ensure large companies can’t “stash their money in offshore tax havens.”

The Conservatives say they would set up a website to “name and shame” the wealthy companies that are dodging taxes.

They say that list includes Brookfield, the company that Liberal Leader Mark Carney chaired before he took on the party leadership.

Radio-Canada has reported that Carney was leading $25-billion worth of green investment funds that were headquartered in Bermuda, a country that’s viewed as global tax haven.

Poilievre took aim at Carney directly in a press conference on Tuesday.

“Can you imagine? He was advising Justin Trudeau to hike the carbon tax, and increase inflationary spending, while his company stashed its cash in Bermuda to avoid paying their fair share,” Poilievre said.

“Mark Carney, like all Liberals, is a high-tax hypocrite.”

The Conservatives say they also plan to instruct the Canada Revenue Agency to redirect its staff away from auditing small businesses and charities and toward cracking down on tax havens. They’re also calling for an expansion of the offshore tax informant program to offer whistleblowers up to one-fifth of the money recovered from illegal tax schemes.

Carney has said the investment funds were structured to avoid having to pay tax multiple times and pointed out that the beneficiaries included Canadian pensioners.

Speaking to reporters in Montreal last week, Carney said Brookfield’s arrangements “follow the rules, including the tax rules, of this country and other countries.”

“The structure was organized so that Canadian pension funds can get the most benefit for their pensioners,” he said, adding it would “absolutely” be a priority of a re-elected Liberal government to ensure that companies are paying their “fair share” of taxes in Canada.

Poilievre’s announcement follows a similar pledge from the New Democrats last week.

Leader Jagmeet Singh said the NDP would make companies provide a “genuine business reason” for having offshore accounts.

The NDP also would end tax agreements with countries like Bermuda, review the tax code to find and close loopholes on corporate taxes and conduct public, country-by-country financial reporting.

The NDP says Canada loses $39 billion annually through unpaid corporate taxes, and Singh said Brookfield avoided $5.3 billion in Canadian taxes between 2021 and 2024.

Poilievre was in Edmonton on Tuesday morning. He held a rally there Monday night that included an appearance — and an endorsement — from former prime minister Stephen Harper.

He’s heading back to Ontario later on Tuesday for a rally in Sault Ste. Marie.

— Written by Sarah Ritchie in Ottawa with files from Fakiha Baig in Edmonton and Jim Bronskill in Ottawa

This report by The Canadian Press was first published April 8, 2025.

The Canadian Press