NDP Unveils Plan to Stop Corporate Tax Dodgers Like Carney’s Brookfield « Canada’s NDP
MONTREAL — Today, NDP Leader Jagmeet Singh announced a plan to stop billionaires and big corporations like Mark Carney’s Brookfield from dodging taxes through offshore havens—because when they don’t pay their fair share, everyday Canadians are left paying the price through cuts to health care and the public services families rely on.
“For years, the ultra-rich have exploited offshore tax loopholes to avoid paying their fair share—leaving working families to cover the shortfall,” said Singh. “New Democrats will close these loopholes and use the billions of dollars recovered to build infrastructure, strengthen health care, and lower everyday costs for Canadians.”
Under Mark Carney’s leadership, Brookfield Asset Management avoided $5.3 billion in taxes between 2021 and 2024. A report showed most of Brookfield’s core businesses were registered in Bermuda at an oceanfront address with a bike shop.
“Mark Carney helped run one of Canada’s top tax dodgers, but he’s not the only one benefiting,” Singh said. “Liberals and Conservatives created these loopholes, and now they’re racing to hand out even bigger tax breaks to billionaires and powerful corporations while promising to cut services like health care.”
While Mark Carney’s Brookfield sheltered $5.3 billion in offshore tax havens, Canadians were left waiting in emergency rooms, struggling to find a family doctor, and being priced out of housing. That $5.3 billion could instead fund:
- 53,000 nurses to help fix the health care crisis or,
- 17,600 doctors to ensure more Canadians get care when and where they need it or,
- 1,250 new streetcars or,
- 5,300 electric buses to upgrade public transit across the country or,
- 14,500 units of affordable housing to help families find a safe and affordable home.
Every year, Canada loses up to $39 billion to offshore tax avoidance—money that could be used to hire more doctors and nurses, expand pharmacare, and strengthen our public health care system so it’s there when Canadians need it.
The NDP plan to stop tax haven cheats includes:
- Ending tax agreements with known havens like Bermuda;
- Requiring corporations to prove a genuine business reason for offshore accounts;
- Implementing public country-by-country financial reporting to prevent multinational corporations from hiding profits; and
- Launching a review of the tax code to close loopholes that allow big corporations to avoid paying what they owe.
“While billionaires hide their wealth and Conservative and Liberal governments look the other way, everyday Canadians are left paying the price,” said Singh. “The only way to stop the giveaways and service cuts is to elect New Democrats—so we can shut down tax havens and make sure that money goes where it’s needed most: fixing health care, tackling the doctor shortage, and rebuilding the public services families count on—not sitting in offshore accounts while people wait hours in the ER.”