Inside the offshore tax scheme that left iconic Olympian Donovan Bailey owing nearly $2.3 million in unpaid taxes

Too smart by half

Donovan Bailey gave the charity $3.75 million assured that one day a good chunk of the money would end up back in his pocket.

It was part of a tax plan the Olympic gold medalist used to protect the sponsorship fees and prize money he had built up over years of competitive sprinting.

The funds had been shielded from taxes in an athletic trust, but once retired Bailey had to wind down the trust and wanted to minimize the Canada Revenue Agency’s cut of his earnings.

According to the tax plan, Bailey’s donation would flow through a complicated web of transactions before the bulk of the money would make its way back to the sprinter, tax free, through an offshore trust.

The plan was actually a tax cheat scheme, the government would later find, in which the charitable donation was a masquerade to escape paying taxes.

Once the world’s fastest man, Bailey would soon be left destitute.  (more...)

Inside the offshore tax scheme that left iconic Olympian Donovan Bailey owing nearly $2.3 million in unpaid taxes

Lowering corporate tax rates won't fix this.

To Doug, From Your Constituents: Don't Be An Asshole

The provinces don’t care about ending corporate secrecy, federal finance ministry source says

Eliminating the tax dodges that enabled Nazi flight capital might restore public confidence and the rule of law, though. Your move, Doug. 

About those promises that WEREN'T made...