NDP looks to close offshore tax loopholes, with a focus on Brookfield’s Bermuda ties

MONTREAL — NDP Leader Jagmeet Singh says that he would close loopholes that allow corporations to put money in offshore accounts, with a focus on Brookfield the company Liberal Leader Mark Carney was chair of until he entered politics.

Singh says an NDP government would make companies provide a “genuine business reason” for having offshore account, end tax agreements with countries like Bermuda, review the tax code to find and close loopholes on corporate taxes and have public, country-by-country financial reporting.

The NDP says that Canada loses out on $39 billion annually in unpaid corporate taxes.

Singh put his focus on Brookfield, which has portions of its business registered in Bermuda.

Singh says the company avoided $5.3 billion in Canadian taxes between 2021 and 2024, money he says could have gone into funding things like health care and public transit in Canada.

Singh made the announcement in Montreal, where the NDP is hoping to make gains after a narrow loss in a byelection last year.

This report by The Canadian Press was first published April 4, 2025.

Maura Forrest, The Canadian Press