Mark Carney (Trudeau Liberal Replacement) as PM

petros

The Central Scrutinizer
Nov 21, 2008
115,448
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Low Earth Orbit

Carney's green funds at Brookfield used Bermuda tax haven to attract investors

Liberal leader says funds go to Canadian entities that 'pay the taxes appropriately'

Daniel Leblanc - CBC News

Posted: March 26, 2025
Last Updated: 4 Hours Ago

In his time at Brookfield Asset Management, Liberal Leader Mark Carney personally co-chaired two investment funds dedicated to the transition to a net-zero carbon economy, worth a total of $25 billion.

Those funds were registered in Bermuda, among other locations, allowing investors to benefit from significant tax advantages, according to information obtained by Radio-Canada.

The funds created while Carney was on Brookfield's board of directors are the Brookfield Global Transition Fund ($15 billion) and the Brookfield Global Transition Fund II ($10 billion), launched in 2021 and 2024 respectively.

According to the Ontario Business Registry, the funds were registered in Bermuda under the names of BGTF Bermuda GP Ltd. and BGTF II Bermuda GP Ltd.

In both cases, the provincial registry indicates that the "governing jurisdiction" for the corporations is located in Bermuda.

Tax havens widely used​

The legal structure of the Brookfield funds is complex and includes many jurisdictions. However, experts say their registration in Bermuda raises questions about Carney's approach to fiscal policy in Canada.

"All sorts of companies are doing this … but [Brookfield] are one of the biggest users of this kind of scheme," said Silas Xuereb, political analyst with the group Canadians for Tax Fairness.

He says he hopes the next federal government will impose new limits on the use of tax havens, in particular by ending bilateral agreements with countries like Bermuda and strengthening international treaties to curb tax evasion.

Xuereb said it may seem "ironic" that environmental funds were registered in a tax haven.

But he said Carney was understandably motivated by profit in the private sector, and hopes that the Liberal leader "will have very different goals now that he is in political power."

On Wednesday afternoon, Conservative Leader Pierre Poilievre said "[Carney's] company, under his watch, put money in Bermuda to avoid paying taxes. All while Liberals force Canadians to pay higher taxes, Mark Carney dodges the bill himself. He thinks millionaires like him shouldn't have to pay."

Poilievre also said after U.S. President Donald Trump began threatening Canada's economy, he sold his own investments in "foreign economies."

NDP Leader Jagmeet Singh criticized Carney and said the Liberal leader "chose to register [the funds] in another country to avoid paying those taxes. That's less money for health care. Less money for seniors. That's less investments in our country."

According to press releases issued by Brookfield at the time, BGTF and BGTF II were "co-headed" by Carney. The other manager of the funds was Connor Teskey, CEO of Brookfield Renewable Power.

During a news conference in Windsor, Ont., on Wednesday morning, Carney said the "structure of these funds is designed to benefit the Canadian pension funds that invest in them," citing the Caisse de dépôt et placement du Québec and the Ontario Teachers' Pension Plan.

"I understand how the world works and how these structures work," Carney said.

The taxes are paid in Canada, Carney added, because the "flow through of the funds go to Canadian entities who pay the taxes appropriately, as opposed to taxes being paid multiple times before they get there."

A spokesperson for the Liberal Party refused to answer questions about Carney's activities at Brookfield or whether he had assets in tax havens before they were placed in a blind trust.

"Mr. Carney worked for Brookfield from August 2020 to January 2025, and has not been involved with the firm since. Any questions specifically related to Brookfield should be sent to the firm," said the spokesperson, Mohammad Hussain.

In a statement in 2024, Carney said that "the Brookfield Global Transition Fund strategy is aiming to deliver strong risk-adjusted financial returns for investors and make meaningful environmental impacts for people and the planet."

Located in the middle of the Atlantic Ocean, Bermuda ranks among the largest tax havens in the world. Investments from Canada to the country have increased from $10 billion in 2011 to more than $130 billion in 2023.

The issue of tax havens often raises passions in federal politics. Former prime minister Paul Martin was notably targeted by the Conservatives over his shipping company's use of tax havens.

In a report published in 2023, the Center for International Corporate Tax Accountability and Research criticized Brookfield's tax policies, including the use of entities in Bermuda.

The firm responded that it complied with all tax rules, explaining that the company manages large infrastructure companies that pay their taxes in the jurisdiction where they are located.

"We would also note that jurisdictions around the world have substantially different corporate tax rates and offer important tax incentives for investment, for example in sectors such as renewable energy in which Brookfield is a recognized global leader," the firm said.

In a press release earlier this month, the NDP stated that Brookfield's use of tax havens has led to the loss of billions in corporate taxes.

In a statement, NDP MP Niki Ashton called on Carney "to come clean on his role in Brookfield's exploitative practices to dodge paying their taxes in Canada while working Canadians pay theirs."
 

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
27,734
10,321
113
Regina, Saskatchewan
The Liberals are excited about a high-profile candidate in the Montreal riding of LaSalle—Émard—Verdun, Claude Guay.
The party touted him as a member of a “strong economic team” composed of Liberal Leader Mark Carney, former Quebec Finance Minister Carlos Leitao, and Canadian Finance Minister François-Philippe Champagne.

However, the president of the largest public servant union said his candidacy “raises eyebrows about the Liberals’ commitment to fixing the broken pay system.”

“For nearly a decade, Phoenix has been a nightmare for federal workers, and the government’s flawed contract with IBM was a big part of the problem,” Public Service Alliance of Canada national president Sharon DeSousa said in a statement to National Post.

In 2017, Guay acknowledged in an interview that his company had made mistakes in the Phoenix rollout.

Sources within the federal government said it was “unbelievable” that the Liberals would think running him as a candidate would be a good idea. Not because of Guay personally, but because of the message it sends to federal employees and Canadians.

In the last decade, IBM got billions of dollars’ worth of contracts with the federal government, according to open data. For Phoenix alone, IBM received at least $784 million, according to the Investigative Journalism Initiative. The initial contract was worth $6 million in 2011.

At the time, the government wanted to centralize pay services for 46 departments and agencies that employed 70 per cent of all federal employees. But it also wanted to replace the 40-year-old pay system used by 101 departments and agencies.

The flawed system was implemented in 2016, a few months after the Liberals came to power.

Quickly, and to this day, thousands upon thousands of civil servants have not been properly paid.

The Auditor General concluded in a scathing report in 2018 that the system was mismanaged from the very beginning and is just one of the “incomprehensible failures” of the government.

The system has since cost more than $4 billion and the federal government is working to replace it. Nine years after it was launched, only 26 per cent of pay cases are processed on time, according to PSAC who relied on government service standards.

In a Senate report that highlighted the Phoenix debacle, IBM officials said that “in their opinion, they delivered a software application that works.”😳
“They believe that replacing the software will not resolve the government’s pay problems. On the other hand, employees at the pay centre said the current system produces too many unexplained errors and requires too much manual intervention,” reads the report.

Over the past decade, the Liberals have still not solved all the problems. Public sector unions say they simply want an efficient system and a government that will take the problem seriously.

“We expect a strong mandate from the next government to resolve the Phoenix disaster once and for all and make sure that every worker is paid correctly and on time. No more excuses,” said DeSousa.
 

petros

The Central Scrutinizer
Nov 21, 2008
115,448
13,629
113
Low Earth Orbit
The Liberals are excited about a high-profile candidate in the Montreal riding of LaSalle—Émard—Verdun, Claude Guay.
The party touted him as a member of a “strong economic team” composed of Liberal Leader Mark Carney, former Quebec Finance Minister Carlos Leitao, and Canadian Finance Minister François-Philippe Champagne.

However, the president of the largest public servant union said his candidacy “raises eyebrows about the Liberals’ commitment to fixing the broken pay system.”

“For nearly a decade, Phoenix has been a nightmare for federal workers, and the government’s flawed contract with IBM was a big part of the problem,” Public Service Alliance of Canada national president Sharon DeSousa said in a statement to National Post.

In 2017, Guay acknowledged in an interview that his company had made mistakes in the Phoenix rollout.

Sources within the federal government said it was “unbelievable” that the Liberals would think running him as a candidate would be a good idea. Not because of Guay personally, but because of the message it sends to federal employees and Canadians.

In the last decade, IBM got billions of dollars’ worth of contracts with the federal government, according to open data. For Phoenix alone, IBM received at least $784 million, according to the Investigative Journalism Initiative. The initial contract was worth $6 million in 2011.

At the time, the government wanted to centralize pay services for 46 departments and agencies that employed 70 per cent of all federal employees. But it also wanted to replace the 40-year-old pay system used by 101 departments and agencies.

The flawed system was implemented in 2016, a few months after the Liberals came to power.

Quickly, and to this day, thousands upon thousands of civil servants have not been properly paid.

The Auditor General concluded in a scathing report in 2018 that the system was mismanaged from the very beginning and is just one of the “incomprehensible failures” of the government.

The system has since cost more than $4 billion and the federal government is working to replace it. Nine years after it was launched, only 26 per cent of pay cases are processed on time, according to PSAC who relied on government service standards.

In a Senate report that highlighted the Phoenix debacle, IBM officials said that “in their opinion, they delivered a software application that works.”😳
“They believe that replacing the software will not resolve the government’s pay problems. On the other hand, employees at the pay centre said the current system produces too many unexplained errors and requires too much manual intervention,” reads the report.

Over the past decade, the Liberals have still not solved all the problems. Public sector unions say they simply want an efficient system and a government that will take the problem seriously.

“We expect a strong mandate from the next government to resolve the Phoenix disaster once and for all and make sure that every worker is paid correctly and on time. No more excuses,” said DeSousa.
Aren't bankers and CEOs the bane of the Leftists existence?
 

Taxslave2

House Member
Aug 13, 2022
4,473
2,594
113
And losing Trade Union support to Cons.
That one is actually easy. Most of the old commie union leadership has retired. The newcomers have already gone through the job losses caused by delays in project starts. They are all well educated and have a much better grasp on economics than their predecessors. Only the fools still think companies are making rich owners off the sweat of the workers. This is especially true for construction workers. No big projects, no jobs.
 

bob the dog

Council Member
Aug 14, 2020
1,638
1,175
113
That one is actually easy. Most of the old commie union leadership has retired. The newcomers have already gone through the job losses caused by delays in project starts. They are all well educated and have a much better grasp on economics than their predecessors. Only the fools still think companies are making rich owners off the sweat of the workers. This is especially true for construction workers. No big projects, no jobs.
Unfortunately for those in my area the "union" has become the priority with those jobs and benefits highly prioritized over workers in the field. In the old days at least someone stood up for you and did what they were being paid to do. A lone worker has no viable recourse from attack when unions work for management.

Prior to the last election stewards were told to vote Liberal.
 

Ron in Regina

"Voice of the West" Party
Apr 9, 2008
27,734
10,321
113
Regina, Saskatchewan
Unfortunately for those in my area the "union" has become the priority with those jobs and benefits highly prioritized over workers in the field. In the old days at least someone stood up for you and did what they were being paid to do. A lone worker has no viable recourse from attack when unions work for management.

Prior to the last election stewards were told to vote Liberal.
Yikes! I’m not surprised, but it’s still gross when you hear it. My girlfriend put it in a couple of decades at Canada Post and she has similar stories. The flavour of the day was NDP.
 
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Ron in Regina

"Voice of the West" Party
Apr 9, 2008
27,734
10,321
113
Regina, Saskatchewan
“The old relationship we had with the United States, based on deepening integration of our economies and tight security and military cooperation, is over.”

Carney wouldn’t say exactly what retaliatory measures the federal government will take in response to Trump’s latest round of tariffs. He said more will be announced on April 2, when the new auto tariffs and further “reciprocal” tariffs on all foreign trading partners are set to begin. Yep, good times.

Carney confirmed he has not yet spoken to Trump since becoming prime minister earlier this month, but plans to do so in “the next day or two” after he said Trump reached out Wednesday evening to schedule a call.
 

spaminator

Hall of Fame Member
Oct 26, 2009
38,164
3,395
113
Why are young Canadians deciding not to vote in federal elections?
Statistics show 46.7% of Canadians aged 18-24 cast ballots in 2021, down a whopping 7.2 percentage points from 2019

Author of the article:Steven Sandor
Published Mar 27, 2025 • 4 minute read

Rapper Jhene Aiko rhymed off these verses in 2020. “I just wanna get to the ballot, I just wanna feel like I’m valid, put in my vote I can have it, but that shouldn’t feel like magic.”


Aiko was speaking to young Americans about the need to use their franchise, but also showed understanding of how hard it is for them to care about politics when they’ve got so many day-to-day worries.

She may as well have been aiming her song at young people in this country. Elections Canada statistics show that just 46.7 per cent of Canadians aged 18-24 actually cast ballots in the 2021 federal election, down a whopping 7.2 percentage points from the 2019 vote. More than half of young Canadians didn’t bother to go to voting stations.

A new Leger poll shows that Conservative support is strong amongst young voters, outpacing the Liberals 39 per cent to 37 per cent. But, that same poll found that 52 per cent of seniors who were contacted support the Liberals, while just 34 per cent want to see the Tories take over as the governing party.


It may seem like these things would cancel each other out, but they don’t. That’s because voter participation amongst senior is high — 74.9 per cent of voters 65-74 cast ballots in 2021. So, this is the dichotomy — while Tory support is rising amongst youth, it might not matter because that’s a demographic that doesn’t make it count on election day. Meanwhile, Mark Carney and his Liberals can treat support amongst seniors like money in the bank.

So, the tough question for the Tories, and really, all political parties, is how to engage young voters when the trends show they are becoming more and more disinterested in politics?

Jaden Braves is the CEO of Young Politicians of Canada, an advocacy group that has more than 1,000 members across Canada. He said that the 39-37 number is actually good news for the Liberals, because he believes the gap was wider before Carney took over as the new prime minister.


Braves said that, because most youth get the majority of their information through social media, that is where the Tories have been able to capitalize.

“There’s a sense of control and authority in the Conservative movement that’s not there in the Liberal movement,” said Braves. “The Conservatives make you feel like you’re part of a societal special club. They make you feel special.

“There are also issues like affordable housing. Youth voters know that things are not working, but who is out there that is going to fix it?”

Braves said that, like older voters, youth were suffering from Justin Trudeau fatigue. But, because younger voters don’t follow mainstream media the same way their parents or grandparents do, they’re only now getting familiar with Carney. That’s why the Liberals have closed the gap to 39-37.


Braves said Canadian high schools have to do a much better job educating kids about the importance of voting. Young Politicians of Canada has lobbied Elections Canada to launch a youth council. He said there needs to be more polling stations on university and college campuses.

Getting youth to the ballot boxes
In 2020, Elections Alberta launched the Youth VOTE program to address abysmal voting participation numbers amongst 18- to 24-year-olds in provincial votes. A post 2019-election report stated that more than half of the non-voters who were surveyed said there was absolutely nothing that could be done to get them motivated to cast ballots. Elections Alberta has created a Building Future Voters program aimed at educating kids in Grades 6, 9 and 12 about the democratic process.


The Fédération des jeunes francophones du Nouveau-Brunswick issued an open letter Thursday, reiterating that organization’s decade-long call for the voting age to be lowered to 16. It was sent to all elected officials in that province, and released to the media.

“We need to have better civic-literacy education,” Braves said. “On April 28, we will have a neck-and-neck race. It will likely take a few days for everything to be confirmed. That’s why it’s so important for young voters to be mobilized.”

The Alberta chapter of the Young Politicians of Canada held its first youth summit on March 23 in Calgary, the day the election was called.

A co-chair of the Alberta chapter, Eleanor Khalil, is just 17. She’s not old enough to vote, but is engaged in the process and is working to get more of her peers engaged in the political process. She admitted that she sticks out amongst her group of friends.


She said that young people crave a sense of belonging.

“Young people lack community,” she said. “If we put them together in a like-minded group, we can get them to connect with each other.”

And, if they connect, they will become more engaged, at least that’s Khalil’s hope.

She said that in an era of social media likes and dislikes, and the rise of online shaming, this generation’s youngsters aren’t as willing to be forthcoming about their political opinions.

“They are scared to put their voices out there.”

ssandor@postmedia.com