This website is dedicated to bringing to light all of the details regarding what could be the biggest income tax fraud scheme to ever have taken place in the history of Canada.
The complete details of how BDO, now the fifth largest accounting firm in the world, was involved in fraudulent tax planning can be viewed on this site.
Within the pages of this website you will also learn how the CIBC (Canadian Imperial Bank of Commerce) arranged a fictitious loan in 1998 of over CDN $1 Billion (USD $694,852,318), for a client of accounting firm, BDO, in order to avoid paying tens of millions of dollars in taxes.
In a letter to the taxpayer, (who was eventually reassessed), The CCRA (Canada Customs and Revenue Agency) states, “The entire set up could be readily viewed as a sham”.
Shockingly not one single criminal charge that has been laid against any of the participants.
Canadians are now wondering how many other banks and accounting firms participated in similar fraudulent schemes.
Law Enforcement and the Government have remained silent about all of this. Could it be that criminal activity of this size is too difficult to combat in Canada?
Ironically since the CCRA ruled that the CIBC loan scheme was a sham to avoid paying tax, the taxpayer that was reassessed has sued his former tax advisory firm, BDO.
In an Affidavit that was filed in support of his lawsuit against BDO, the taxpayer states that it was suggested to him by BDO’s Senior Tax Accountant that he see a lawyer who worked at Fraser Milner Casgrain LLP.
The taxpayer states that what stood out to him about his meeting, with the lawyer from Fraser Milner Casgrain LLP, was that the first thing the lawyer stated to him was “Do you think any judge in Canada will believe this?”
Interestingly the lawyer from Fraser Milner Casgrain LLP, also notes that the funds that were loaned by CIBC in the tax fraud scheme were from New York and not Toronto.
Also on this website you will learn about other lawsuits that have been filed against BDO and Fraser Milner Casgrain LLP.
During a recent court hearing that took place in The Supreme Court of British Columbia, it was revealed in open court that the Senior BDO Tax Accountant who had organized the fraudulent scheme had “put many billions of client dollars offshore”. It was also revealed that many others across Canada had participated in significant amounts of fraudulent tax evasion and their names were revealed in open court as well.
Observers, including members of the press and politicians, reported that the court proceedings were surprisingly cut short by the lawyer for the taxpayer, as they were originally scheduled to appear for 5 full days. And another surprising tactic, in what appears to be an attempt to avoid any more public scrutiny, was the announced departure from the normal course, with respect to the Reasons for Judgement, which will not be read in open court when pronounced, as is usually the case.
Some of the observers were left speechless in the courtroom after hearing the shocking revelations, in this blatant fraud against honest Canadians.
What Canadians need to be asking the government is how could all of this happened in broad daylight and no criminal charges have yet been brought against the banks or accounting firms?