Canada Revenue Agency’s landlord stashed money in offshore tax havens

Original Author: By MARCO CHOWN OVED

Source: https://www.thestar.com/news/world/2016/12/13/canada-revenue-agencys-landlord-stashed-money-in-offshore-tax-havens.html

As offshore arrangements are being exposed, interesting to see that CRA has unknowingly dealt in business transactions facilitating these arrangements



Wednesday, December 14th, 2016 | ACCOUNTING ECONOMY TAXATION


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The federal government agency tasked with cracking down on offshore tax avoidance rents its offices from a corporate group that has moved hundreds of millions of dollars into tax havens.

Three Canada Revenue Agency offices — in Calgary, Edmonton and Montreal — were sold in 2007 in a controversial sale and leaseback arrangement to Larco Investments Inc., a company privately held by Vancouver’s reclusive Lalji family.

Larco was desribed as a “100 per cent Canadian company” when the sales were announced, but records found in the Panama Papers leak and at the Nevada State Gaming Control Board show the three Lalji brothers, who are worth an estimated $3 billion, routed profits from their business interests through the British Virgin Islands (B.V.I.) before parking them in private foundations in Liechtenstein.

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