Palm-fringed islands, balmy weather, luxury yachts moored in azure waters — offshore tax havens conjure up a wonderland for the well-heeled and their wealth.
But a CBC investigation based on the Paradise Papers leak has found that millions of ordinary Canadians also have an interest in money parked in tax havens — almost certainly without knowing it.
Seven of the country’s so-called Big 8 pension funds, representing more than 25 million workers, have used tax havens as they invest Canadians’ retirement savings, according to records in the huge leak of offshore financial documents made public last month.
30 years ago… they didn’t need to structure things through the Bahamas. We can go back to that, and the pensioners will get half their pension
– Jim Leech, ex-CEO of Ontario Teachers Pension Plan
This revelation underscores a delicate quandary. On the one hand, pension funds need to make enough