'Proud Canadian' Stephen Bronfman says no tax laws broken
The Canadian Press
Published Monday, November 6, 2017 11:59AM EST
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 published reports, 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.
Here is the text of the statement released by Stephen Bronfman on Monday:
MONTREAL - Stephen Bronfman is a proud Canadian and has always fully complied with all legal requirements, including with respect to taxes.
Stephen Bronfman has never funded nor used offshore trusts. His Canadian trusts have paid all taxes on all their income to the Canadian Government.
Stephen Bronfman states that the single loan made over a quarter century ago to the Kolber Trust was repaid 5 months later, and was on an arm's length, fully commercial basis, in full compliance with all legal requirements, including with respect to taxes.
Stephen Bronfman had no other direct or indirect involvement whatsoever in the Kolber Trust.
Stephen Bronfman and his family have always conducted themselves in accordance with the highest legal and ethical standards.
Stephen Bronfman will not make any further comment.