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House Hansard - 187

44th Parl. 1st Sess.
April 28, 2023 10:00AM
Context: House Hansard - 187 - Apr/28/23
Mr. Alistair MacGregor (Cowichan—Malahat—Langford, NDP)
  • Apr/28/23 10:27:51 a.m.
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Madam Speaker, my colleague very clearly outlined the problems and what more needs to be done, especially by Canada and the international community, about the sheer amount of wealth we lose out on every year to tax evasion and dirty money funnelling through the system. One of the parts in the bill to ensure compliance is a $5,000 penalty for corporations and up to $200,000 for individuals. I respect the fact that the legislation is trying to uncover the identity of the individual, but what does the member think about the paltry $5,000 fine for corporations? We know there are lots of avenues open to people to hide their wealth in corporate structures. Does he think that this particular financial penalty may need to be looked at and perhaps stiffened to ensure better compliance with the legislation?
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