Description: The details of the tax situation are scant. But it appears negotiations have broken down between the federal Department of Justice and giant accounting firm KPMG regarding a tax haven program KPMG marketed to at least 25 wealthy Canadians. The KPMG plan appears to have offered their clients tax haven protection in the Isle of Man.
Date: September 30, 2015
1) What are the normal residency rules for Canadian taxpayers?
2) Although the details are scant at this point, what might you speculate that these 25 wealthy individuals could do to move assets or income to the Isle of Man?
3) Dennis Howlett from the group Canadians for Tax Fairness made some strong comments about this particular case. To what extent do you agree with Mr. Howlett’s comments?