Bridgetown.
Several Canadian tax specialists and economists are calling for a crackdown on international jurisdictions, like Barbados, where Canadian millionaires are said to be hiding money from tax authorities at home.
They contend that Canadian banks were shuffling large amounts of investment cash into Barbados and other countries to avoid paying taxes at home.
Figures compiled by Statistics Canada, indicates that Barbados is the third largest domicile in the world for Canadian direct investment aboard after the United States and Britain. Up to 2011 Canadians had amasses CAN$53 assets in Barbados.
President of the Barbados International Business Association Melanie Jones says those complaining were simply afraid of competition.
"Of course, they are complaining because they would much prefer for people to not look around the world and observe all of the competitive advantages for tax structuring in a legitimate fashion but rather that people have only one option which makes them keep all their money in Canada", Jones told Trakker News. 
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