The following commentary originally appeared in the online publication called Canada Uncut, and is being reposted here for our readers with the permission of Canada Uncut. You can visit that publication’s site at http://canadauncut.net/facts/the_banks.php
Studying Tax Shelters is difficult. The point of these shelters is secrecy. But Professor Leo-Paul Lauzon, of the University of Quebec’s School of Management, did his best. His study of tax avoidance by the five largest Canadian banks (RBC, TD, Bank of Nova Scotia, BMO, and CIBC) found that:
· These five banks have a minimum of 89 official subsidiaries in tax havens – this suggests the existence of more that have gone undetected.1
· The data from their financial statements reveals that they have cumulatively dodged at least $16 billion in federal taxes between 1993 and 2007.1 That’s $16 billion that could have paid for better healthcare, more environmental safeguards, education, help for seniors, badly needed infrastructure and social housing, a national day-care strategy, and countless other necessary programs and services.
· Tax dodging by banks is on the rise. 41% of that $16 billion was lost in the last four years of the study (between 2004 and 2007).1 This corresponds to approximately 30% of the big five banks’ total tax obligation avoided. Continue reading

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