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OTTAWA — The federal Liberal party’s chief fundraiser says he has never violated Canada’s tax laws through the use of offshore tax havens.
Stephen Bronfman has issued a statement saying he’s never funded nor used offshore trusts, and that all his Canadian trusts have paid all federal taxes on their income.
Tax avoidance measures involving offshore trusts are legal, provided that the trust is genuinely managed offshore and that Canadian taxes are paid on any Canadian contributions.
According to the Toronto Star and CBC/Radio Canada, records suggest Bronfman and his family’s Montreal-based investment company, Claridge Inc., were linked to an offshore trust in the Cayman Islands that may have used questionable means to avoid paying millions in taxes.
Bronfman says he made a single loan more than 25 years ago to the trust that was repaid five months later, which was all in full compliance with Canadian law.
The statement says that Bronfman, a close friend of Prime Minister Justin Trudeau, will not be making any further comment about the revelations in the wake of a second massive leak of tax-haven financial records.
