Canadian taxpayers paid $129,810,000 in taxes on on-shore deals in the BVI, according to a New York Times investigation

Brendan MacDonald ran Abercrombie & Kent, a public accounting firm with offices in Montreal and Atlanta. He tried to capitalize on the wealth that was moving out of Canada. “I made attempts to do deals offshore like everybody else,” MacDonald said. But his Canadian customers “didn’t want to do it,” and so he turned instead to the British Virgin Islands, employing the services of BVI-based offshore tax havens HCL Group and Onyx Group, according to today’s report by The New York Times’ Michael Schmidt and Bethany McLean. By 2010, BVI was a popular destination for wealthy individuals from Canada, in part because of its low corporate tax rate of 10 percent.

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