Double-edged ruling for offshore banks

- by Barbados Today April 28, 2020

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2 Replies to “Double-edged ruling for offshore banks”

1. For canada to target Barbados following this decision suggest that Canada is ignoring its own laws. The government lost in court based on the facts and it needs to let that sink in. Why should Barbados pay when even your own courts dont agree with you? Small developing countries benefit really little from these so called developed countries, Anything they think they gave us, we actually paid for it multiple times over with sweat blood and tears, so them leaving our territories can’t be any worse than not having them. Canada raped Guyna Gold and mineral mines for years with one sided agreements and now control significant swatches of Cuba’s tourism. They want all the sweets and none of the pain.

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2. I very much doubt this is over. CRA will most likely appeal to the Supreme Court of Canada.
   The argument before the SCC should address why Loblaws initially established Glenhuron Bank which was to avoid taxation in the Netherlands and as such then used it to avoid taxes they rightly should have paid in Canada. As a Canadian corporation they are obligated to pay taxes in Canada. Transferring money to a bank established as a tax dodge in the first instance does not relieve them of the obligation.
   The corporate veil is too gossamer thin and they for sure are not at arms length.
   Stay tuned!

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