Mark Carney VS CRA ─ Who Will Win？
Episode Stats
Words per Minute
149.41843
Summary
Mark J. Kearney and the Canadian Revenue Agency are locked in a battle over whether or not Brookfield should be audited by the Canadian Tax Agency. Who will win? Brookfield or the CRA? Subscribe to our new bi-weekly financial news podcast, Finance Weekly, where I break down everything financial! Subscribe today using our new podcast s promo code: "ELISSA" for $5 off your first month!
Transcript
00:00:00.000
Mark J. Kearney versus a tax audit from the Canadian Revenue Agency. Who will win?
00:00:06.540
Brookfield manages over $900 billion in assets, much of it funneled through its various subsidiaries.
00:00:13.520
Through its large business audit program, the CRA can review foreign affiliate income and offshore
00:00:19.300
trusts, which would bring under question Brookfield's Cayman Islands and Bermuda Shell offices.
00:00:24.760
They can also assess whether employee income was allocated to lower tax or even no-tax jurisdictions, such as Bermuda.
00:00:33.460
Brookfield's main bread and butter is their investments in green and renewable energy firms.
00:00:38.460
It prides itself as being in line with environmental, social, and governance principles, also known as ESG.
00:00:45.600
It might be the case that Brookfield may have overstated their strides in cleantech,
00:00:50.020
which would give them tax credits, or in other words, greenwashing their tax filings.
00:00:58.660
But remember, everything that I've said thus far is purely fictitious and hypothetical