CRA has accused accounting firm KPMG of devising an elaborate offshore tax avoidance scheme that enabled at least one wealthy Canadian family to pay no tax on millions of dollars of investments, reports CBC.
The scheme involved gifting funds to and from shell companies in the Isle of Man, which sits between England and Ireland. The CBC report says, “KPMG would take a 15% cut of the taxes dodged.”
The matter is currently before the courts.
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