Canadian Tax Foundation Annual Conference

The Canadian Tax Foundation will be hosting its Annual Conference in Montreal, Canada from November 27th to 29th, 2011. The conference will take place at Palais des Congrès de Montréal, 1001 Place Jean-Paul Riopelle, Montréal, Canada.

The Conference features both workshops and plenary sessions.

International Financial Centres: Pirates of Paragons?

One session titled “International Financial Centres: Pirates or Paragons?” will touch on the area of particular interest to Barbados as a low tax, international business jurisdiction. Furthermore, Barbados is Canada’s number one international financial centre worldwide accounting for 9% of Canadian foreign direct investment. The island trails only the U.S.A. and the U.K. as an overall destination for Canadian foreign investment.

The session will be very interesting as it brings together three different perspectives on the subject matter including:

Moderator: Pierre Martel – Stikeman Elliott LLP, Montréal

Panel:

Richard Hay – Stikeman Elliott London, Counsel to IFC Forum

Pascal St Amans – Director of the OECD Centre for Tax Policy and Administration

Professor Walid Hejazi – University of Toronto, Rotman School of Management

This promising debate will discuss questions about if these centres are really rogue jurisdictions that undermine the fiscal sovereignty of larger countries as is often claimed by their critics. On the other hand, supporters argue that these centres are good for Canada’s economic growth and that their efficiency has contributed a great deal to the increase in global trade and prosperity worldwide

This session will also discuss the role of the OECD and Global Forum in promoting tax information exchange. Barbados strongly promotes and actively facilitates tax information exchange and has tax treaties in place with 34 countries. The island has also been included on the OECD’s “White List” as a country that has substantially implemented the internationally agreed tax standard.

The panel will also discuss what would happen if these important Western offshore centres are sidelined and the effect that such a move would have on accelerating the shift of economic power to the world’s emerging economies.

Professor Hejazi’s take on the subject matter will be particularly interesting given that his previous research and published papers have supported Canada’s use of low tax, offshore financial centres. According to his work, these centres, including Barbados, provide a way for Canadian businesses to increase international market access and exports, as well as increase capital formation and employment within Canada. These centres also lower the company’s cost of capital and assist Canadian companies in competing more effectively in foreign markets.

Invest Barbados Booth

Invest Barbados will have a booth at the Canadian Tax Foundation’s Annual Conference in order to promote the many Barbados offshore advantages that registering a Barbados offshore company presents to Canadian businesses looking to expand internationally.

Most tax practitioners in Canada are aware of the strong relationship between Barbados and Canada which is governed by the Barbados Canada tax treaty which has been in place for over three decades. It is important to have an Invest Barbados booth at the conference to continue to promote Barbados as Canada’s international financial centre of choice.

If you are unable to attend the conference but would like to speak to an expert about the great opportunities available to Canadian companies, please complete the Barbados Offshore Evaluation to receive free eligibility feedback on if these opportunities are right for your business.

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