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657 Curé-Labelle Blvd., suite 250 Chomedey, Laval H7V 2T8 Tel: (450) 978-9999 Fax: (450) 687-6330 Distributed in Chomedey, Ste-Dorothée, Laval-sur-le-Lac H7W•H7T•H7V•H7S•H7X•H7Y•H7R 4 • The Chomedey News • www.chomedeynews.ca • December 2, 2004 Editorial & Opinion Tax Evasion costs Canadians Taxpayers Billions Canada’s top five banks and wealthiest citizens hide billions in paradise havens According to a report published in last week’s Journal de Montreal, Canada’s five major banks are responsible for having sheltered an estimated ten billion dollars in tax revenues from Revenue Canada and provincial tax authorities this past decade alone. The five banks, which combined, have set up an estimated 73 branches in off-shore paradise tax shelter havens like the Cayman Islands, Bahamas, Bermuda and Barbados, have according to Statistics Canada estimates, multiplied monies invested directly by Canadians, five-fold this past decade without any Canadian tax consequences or compensation. These numbers, quoted by the local French daily, were referenced from a recent Université du Québec à Montreal (UQAM) study titled ‘Canadian Banks and Financial Evasion in Paradise Havens’. Report co-author Léo-Paul Lauzon is credited with compiling the banks’ financial reports. He also believes that the banks’ practices constitute fraudulent financial activity. Other notable Canadian accounting professionals argue that calling this banking practice financial fraud is excessive and harsh because though it may be immoral and inappropriate it is none-the-less legal, according to existing international laws and treaties, some of which were negotiated while Paul Martin was Canada’s finance minister. It remains unclear if the report is suggesting that the banks and or their directors are benefiting directly from this off-shore circumventing of Canadian tax laws, or that they have become tax evasion facilitators for the wealthiest Canadians, or both. Either way one thing is clear: During his ten-year tenure as Canada’s ranking finance minister, Mr. Martin asked Canadians to make severe and harsh sacrifices in order to balance Canada’s books. During this period, he and Canada Steamship Lines, a shipping company owned by his family, set up close to ten businesses headquartered and registered in Barbados, resulting in little or no Canadian tax implications, although ownership and operational direction is clearly Canadian. This is but one example of off-shore financial activity that may have cost Canadian and Quebec taxpayers billions of dollars, according to Rosemont-La Petite-Patrie MP and Bloc Quebecois critic in this matter, Bernard Bigras. Though the Bloc Quebecois have been questioning the government unrelentingly on the matter in parliament, this recent report and general debate were conspicuously absent from this province’s English media. One could argue that singling out the Prime Minister as an offender in this issue is unfair, but according to numbers bandied about during parliamentary debate, major personal assets of Mr. Martin are also registered in Liberia and Barbados, two countries that have been defined as tax havens. According to Bigras, members of the House of Commons have a moral responsibility to expose the shell games some businesspeople and the major banks might be playing to erode Canada’s tax base, which can only lead to a reduction in services being provided to the public. He defines tax havens as nothing more than countries with an extremely low or even nonexistent tax rate, whose financial activities are shrouded in secrecy thus allowing companies with little or no substantial economic activities there to hide profits from their real jurisdiction of operations. It is fascinating to know about the workings of the Barbadian tax system, of which big corporations like Canada Steamship Lines and the major Canadian banks take 29,000 copies 29,500 copies www.chomedeynews.ca Publishers: George Bakoyannis George S. Guzmas General Director: George Bakoyannis Associate Editor: Caroline Gardner caroline@chomedeynews.ca Advertising Director: George S. Guzmas sales@chomedeynews.ca Advertising Consultant: Dario Alborino dario@chomedeynews.ca National Representation: advantage. These corporations and banks do business within a tax system at a rate of between 1% and 2.5%, no withholding tax, and no financial surveillance or control of exchange transactions. Meanwhile it is estimated that they are holding over $34 billion of invested Canadian assets. “One cannot claim to be a good corporate citizen and at the same time shamelessly take advantage of these tax systems,” claims Bigras. “We can look at the subsidiaries of big banks that are located in tax havens…. Do you consider it normal for big banks, which make astronomical profits and do not hesitate to increase banking fees, to be protected by tax conventions that benefit them and their senior executives to the detriment of Quebeckers and Canadians?” he challenges. The real issue according to the Bloc, is that when people do not pay their taxes in a society like ours, they are either deprived of public services or have other people pay taxes for them. Those other people are you and I. The ugly ramifications of this issue suggest that large corporations may control and manipulate governments through means such as election funds, donations and lobby groups. In fact, when ones considers that 40% of all Canadian taxes collected are used just to service the debt interest, not even to repay any national debt capital, it becomes clear that banks have an unholy stake and influence in the free democratic will of a people. We have to suspect that there is a direct link between the attitudes of western governments like ours, the complacency with which they treat large corporations and banks, and the fiscal imbalances favoring their activities. According to Bloc critics, there is another element of the debate that needs to be addressed. Fair and level tax conventions between all countries must exist in order for taxes to be paid. If a Canadian or Quebec company invests in Germany, tax rules and laws would ensure that taxes would have to be paid either in Canada or in Germany. However, when one does business under a shell identity in Barbados, at a 2.5% tax rate compared to 30% here, it means that one would pay ten times less taxes under an advantageous tax agreement with Barbados. This means that the economies of Quebec and Canada are deprived of all these revenues, which would be normally used to develop new services, let alone salvage those like healthcare which have been brought to the brink of disaster. The tragedy is that other people pay the taxes that the banks and Canada Steamship Lines do not pay. That is what is immoral. This is why Canadians and Quebecers can complain about the high tax rate with moral sanctity. The federal government is not dealing with this issue, which the Bloc Quebecois has been raising for 10 years. It has instead dealt with unemployment insurance issues, where benefits are no longer available to 85% of those who lose their job, as used to be the case, but to a much smaller percentage of people. It has taken $45 billion from the employment insurance fund to eliminate the deficit and pay down the national debt. Instead of making the richest Canadians pay, poor and less fortunate people are paying through cuts to social benefits. Further investigation reveals that the Canadian government has pocketed $3 billion in the last five years by attacking society’s most vulnerable and by reducing guaranteed income supplement payments, while -according to the UQAM report- the five major Canadian banks have deprived the taxman of $5 billion over that same period alone. TEL: (450) 661-8200 FAX:(416) 661-8500 Editorial Staff: Savas Fortis Caroline Gardner Eleanor Tylbor Layout: Media Trek Distribution: MPM • Canada Post Printing: Payette & Simms Member of Quebec Community Newspapers Association & Canadian Community Newspapers Association Martin C. Barry Carole Zabbal Jasmin Legatos This is nothing short of outrageous. There is a total disregard for the citizens and taxpayers. Paul Martin called upon Canadians to make sacrifices this past decade to ensure the long-term viability of many of our social and economic institutional safety nets which guarantee all a minimum quality of life. When the middle class and poor must endure an unfair and overbearing tax burden and social service cuts while our society’s richest shelter billions in paradise tax havens, it is unforgivable. If Paul Martin’s Liberals are not going to try to level this playing field, Canadians will likely look for someone who will. Many years ago, when Mr. Martin first entered the federal political scene, I had the opportunity to speak with him at one of his first fundraiser cocktails. When the issue of oppressive taxation came up, we discussed the options facing Canadians: We could underperform, lacking motivation to work harder, as less money would remain in our pockets; we could leave the country for tax- friendlier borders like the United States of America, or we could become thieves and work in the country’s ever-growing black market and evade taxation altogether. It would seem that Canada’s richest figured out a better option as they have already sheltered their billions in off-shore paradise havens and shell corporations, leaving beleaguered revenue agents to chase after smalltime tax evaders who could not afford such a move. If memory serves me correctly, there was another people at another time that felt as oppressed and abused by governmental and institutional conventions such as overbearing taxation. They decided to have themselves a ‘tea party’ in the Boston harbor, and the American Revolution was born. Not that I am advocating tax evasion or political anarchy, but the truth is that it is time for the government to recall its tax agents from harassing the diminishing middle class and instead, concentrate their efforts on the institutionally protected tax evaders who are defrauding the country of billions of dollars annually. If the Martin government continues to turn a deaf ear to this injustice, the recent election results are just a taste of what Liberals can expect from the ever-growing ranks of Canadian dissenters. Kudos and regards go to the mad hatters of parliament, the Bloc Quebecois, who despite their ambivalent agenda, continue to champion important social and political debate on behalf of all Canadians, as peculiar as that may sound. I do believe that if things do not change in the near future, that were I invited by the Bloc to a tax relief ‘tea party’ I would be of a good mind to accept that invitation. Now where did that rabbit go? The opinions on THIS PAGE reflect the consensus of TCN’s Editorial Board. Editorial Board Adler Aristilde Savas Fortis Caroline Gardner Carole Zabbal James Ryan Martin C. Barry editor@chomedeynews.ca Savas Fortis Publishers’ Liability for Error:The publishers shall not be liable for slight changes or typographical errors that do not lessen the value of an advertisement. The publishers’ liability for other errors or omissions in connection with any advertisement is strictly limited to publication of the advertisement in any subsequent issues or the refund of any monies paid for the advertisement. Articles published reflect writers’ opinions, but not necessarily the opinion of this newspaper. All rights reserved © 2004.
Letters to the Editor High price for free Medicare As I write this, I’m sitting on a hospital bed awaiting an ultrasound that will determine if I have enough amniotic fl uid left in my uterus to bring me to the time of my inducement, three days from now. I was asked to sit and wait some two hours ago. At the time that I was initially asked to wait, the nurse assisting me had left to get the ultrasound machine. I’m positive that she had said that she was absenting herself to go get the ultrasound machine. I had fi gured that she would be back in 5 minutes…. As the time went by, so went my sanity. I dozed for a while (being woken up by a woman who was in labour…. weirdest scream that I’ve ever heard), I read, I even cried out of frustration. Finally, I pressed the red button that calls out to the nurses’ station (I’ve always wanted an opportunity to press that button). Th e nurse returned (sans machine!!!!). She explained that the doctor on call was very busy (delivering babies and stuff ) and does not know when he will be able to see me. She then asked me what my own doctor has told me. In total frustration, I explained to her that my OWN doctor is too busy, that I can never get through to her by phone. When I get to see her in person, she literally rushes me out the door after a whopping three minute visit!!! After discussing some of the details of my case, she made it quite clear that I should stay (sensing my impatience and desire to leave). She was quite nice; she off ered me some snacks, explained to me how to use the phone, propped up my bed, asked that I be patient and exited. I could sense that she was feeling bad. Well at least now I’m more comfortable and I know that my wait will be more than 5 minutes!!!! Th is does not excuse the fact that I ended up waiting for three hours. And don’t get me started on the shortage of staff . I was scheduled for an inducement two days earlier and they had to turn me away due to lack of staffi ng. My boyfriend reminded me that I should be (450) 686-0026 (450) 688-6884 1530 Curé-Labelle Suite 203, Chomedey, Laval Gold. Th e mention of it conjures up images of great wealth. Wars have been fought over it and hearts have been won with it. Th e ultimate precious metal, it has captured the imagination of investors for millennia. Have you ever wondered how much gold there is, who owns it and where? Or about the potential role it might play in your portfolio? SWISS ARMY According to the World Gold Council, the amount of gold mined every year is about 50 million troy ounces. It sounds like a lot, but if all the gold mined in a year were put in one place how much space would it occupy? Let’s do some calculations. Gold weighs 19.3 kilograms per litre and a litre is a cube measuring 10 centimetres per side (about four inches). With me so far? Because there are 32.15 troy ounces per kilogram, the world produces a cube of gold that is about 4.3 meters (roughly 14 feet) on each side. All of the gold produced in a year would fi t into the living room of an average house. Surprised by this relatively small amount of gold? Well at $440US an ounce, it would have a value of $22 billion. grateful that here in Quebec, we get free Medicare. “OK”, I thought, “but at what price??!!!”. I’ve been trying to get in touch with my doctor for the last 4 days. She’s simply too busy to talk to me directly. I must go through her assistant (who’s a nurse) and to get to her, is a task and a half. Th e line is constantly busy. Th ere is a recording stating how busy they are, that the assistant is only there for a few hours a day and that I should call back. NO WAY TO LEAVE A MESSAGE!!! On one particular day, I tried for 4 hours. Not consecutive mind you, but enough times throughout the four hours to make me a little wacky. I fi nally got fed up, called the hospital, asked if I could deal with them directly. Th ey refused but very patiently and kindly off ered to attempt to reach the said nurse themselves. It took another 14 hours before I got a response!!!! WHAT IS HAPPENING TO OUR MEDICAL SYSTEM???!!! I’ve heard so many horror stories over the years. General practitioners are no longer taking new patients. Th is is very rough for people like a friend of mine who would most likely need to see a specialist for a bizarre heart problem but cannot see a specialist unless he’s seen a GP fi rst. But there are no GP’s out there that will take him. I suppose he could go through the ER at the hospital but that is not my point. I once needed physiotherapy for a very bad back. I was told it was a minimum six-week wait,minimum…I COULD BARELY WALK!!! I went private at 55$ / hour. My question to you is what should we do? Do we thank our lucky stars that we actually have a system where we can get medical assistance relatively free of charge (we do pay via taxes). Or, do we express our concerns towards our politicians, demanding better service. I’m truly at a loss here…. Micheline Lanctôt Established in 1957 Fine jewelry for all occasions! 14 kt gold Remodel your old jewelry Pearl • Diamonds • Renowned Watches Warning! Do Not Hire Any Real Estate Agent Before You Read This FREE Special Report Whether you decide to Sell or Buy a home on your own, or hire a Real Estate Professional to handle it for you, there are certain key facts that can literally save or cost you thousands of dollars. Not all real estate agents are the same. If you decide to seek the help of an agent when selling or buying your home, you need some good information before you make any moves. Picking the right agent is one of those critical issues that can cost or save you thousands of dollars. In this FREE special report, we give you the specific questions you should be asking to ensure that you get the best representation for your needs. Before you hire any real estate agent, call and get a copy of a FREE Report entitled “10 Questions to Ask Before You Hire an Agent”. To hear a brief recorded message about how to order your FREE copy of this report. Call 1-877-708-3638 and enter ID# 841. You can call anytime, 24 hours a day, 7 days a week (talk to no agent). Find the questions the others would prefer you never ask! This report is courtesy of Avo Nigoghossian (Jack Sera Realties). Not intended to solicit properties currently listed for sale. Copyright© Avo Nigoghossian Productions 2004 Bush and Blair are not heroes but... Dear Editor: I refer to Mr. Th omas A. Grubb’s letter in Th e Chomedey News of November 18 on the above subject. Poor deluded Mr. Grubb. His letter aptly illustrates what a surreal world many Americans live in. He calls Bush and Blair leaders with backbone and intestinal fortitude. It doesn’t take much of “backbone or intestinal fortitude” to invade a poor defenceless country under false pretexts and bring death and destruction to its HOUSE OF COMMONS CHAMBRE DES COMMUNES CANADA RAYMONDE FOLCO M.P. for Laval les Îles Chair of the Quebec Liberal Caucus GOLD. SHINY, SHINY GOLD by Basil Papaevagelou, MBA Investment Advisor RBC Dominion Securities Inc. Th e largest national reserves of gold are held by the U.S. and Germany. If we count jewellery holdings, the largest holder is India. Th e largest single personal owner is believed to be the Sultan of Brunei. Should you own gold in your portfolio? Th e answer depends on your personal investment profi le and your tolerance for risk. Many investors use gold as a hedge against the value of the U.S. dollar because its price is quoted in U.S. dollars and its value has historically moved in a direction opposite to that of the greenback. Gold ownership for your portfolio can be accomplished in many ways. Among the most popular are owning gold people, including thousands of civilian women and children. In fact the U.S. invasion and occupation of Iraq resembles the conquest of Europe by Nazi Germany. One was committed in the name of God and democracy and the other in the name of the Fuehrer and the Fatherland. Bush and Blair are not heroes. Th e rest of the world sees them as war criminals. S. Parpia Laval Best wishes to the Jewish community for the celebration of Hanukkah 674 de la Place-Publique, Bureau 205, Laval (Québec) H7X 1G1 Tél. : (450) 689-4594 Fax: (450) 689-5092 Email: folcor1@parl.gc.ca certifi cates, exchange traded funds, shares of gold companies, precious metals mutual funds or actual gold bars. Unless you have one heck of an alarm system, the last option is not recommended. Th e most risk adverse way to play gold is through mutual funds. Th e fi ve-star rated RBC Precious Metal Fund has produced an average annual return of 32.51% for the last fi ve years and 16.69% per year for the last 10 years. Going for this type of high returns is a risky undertaking best accomplished with the advice of a qualifi ed professional. Remember, gold should only be one potential asset in a wellbalanced portfolio. If you believe gold is a good fi t for you, give me a call so we might discuss how it might be incorporated into your overall investment plan. For no nonsense advice you can contact me at 514-840-7339 or via email: basil.papaevagelou@rbc.com RBC Dominion Securities Inc., is a member company under RBC Investments. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affi liated. *Member CIPF. This article is provided for information purposes only. Please consult with a professional advisor before implementing a strategy. The Chomedey News • www.chomedeynews.ca • December 2, 2004 • 5
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Page 3: chool board officials want ore pare
Page 7 and 8: loc Quebecois present bill for retr
Page 9 and 10: Cultural communities demand real ac
Page 11 and 12: Canada needs national child daycare
Page 13 and 14: irm fined $150000 for multi-level a
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Page 25 and 26: 2.25 $ pour 35 caractères Minimum
Page 27 and 28: VERITAS News Sudden rush… The rus

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