Senator Downe: I think it undermines Canadians’ confidence in the tax system when, over 10 years ago, in one bank in Liechtenstein, there were accounts of 106 Canadians. Again, money was owing. Again, no one was charged.

Two years later, there was one bank in Switzerland with over 1,700 Canadians. Again, no one charged, and no one convicted — contrary to every other country in the world who were charging people recovering money.

Do you think there is a double standard in Canada? You referenced this briefly in your speech. Canadians receive a T4 slip and pay their taxes. The Canada Revenue Agency does an excellent job on domestic tax evasion. But if you can lawyer up and hire accountants, your chances of being prosecuted are nil to none. Would you agree with that statement?

Hon. Percy E. Downe: Senator Marshall, in your speech you mentioned tax evasion and the work of the Canada Revenue Agency. I wonder what your view is given that in April 2016 the Panama Papers were disclosed, and there were 894 Canadians with accounts there. As we know, it’s not illegal to have an account overseas, but it appears that the Canada Revenue Agency has now determined there is over $9 million in unpaid taxes for those 840 Canadians. That was in 2016.

Countries around the world that had citizens there have been able to recover $1.2 billion from the Panama Papers. Australia recovered $92 million; Germany, $183 million; even Iceland recovered $25 million. Canada hasn’t recovered one cent, and no one has been charged. What would you suggest we do about the Canada Revenue Agency?