Conservative Leader Pierre Poilievre has pledged to take aggressive action against offshore tax loopholes, promising to recover an estimated $1 billion annually from individuals and corporations hiding wealth overseas. The announcement was made ahead of a Tuesday event in Edmonton, following a major rally alongside former Prime Minister Stephen Harper.
Poilievre outlined that the reclaimed funds will support his plan for broad-based tax relief, including a reduction in the lowest income-tax bracket from 15% to 12.75%. The move is part of his broader economic vision aimed at easing the financial burden on everyday Canadians.
In a pointed political jab, Poilievre set his sights on Liberal figurehead Mark Carney, former chair of Brookfield Asset Management. A recent Radio-Canada investigation revealed that Carney co-chaired two investment funds worth $25 billion registered in Bermuda—long recognized as a tax haven. Carney defended the structure, asserting that the Canadian pension funds benefiting from these investments pay taxes domestically through a “flow-through” model.
Unmoved by Carney’s explanation, the Conservatives announced plans to equip a previously established task force with new authority to shut down loopholes exploited by corporations like Brookfield. Resources within the Canada Revenue Agency would be reallocated from audits targeting small businesses and charities to focus on offshore tax avoidance.
Poilievre also promised to revamp the offshore tax informant program, offering whistleblowers up to 20% of the funds recovered when they expose illegal schemes. Additionally, a new public website will be launched to “name and shame” wealthy multinational companies caught dodging Canadian taxes.
“After a lost Liberal decade, Canadians are earning less, taxed more, and paying higher prices across the board,” Poilievre said in a statement. “Meanwhile, Liberal insiders like Mark Carney have never had it so good. My Conservative government will flip the script—prioritizing hard-working Canadians and ensuring that the privileged few pay their fair share.”