On February 17th, 2022, Executive Director, James Cohen provided testimony on behalf of Transparency International Canada to the House Standing Committee on Finance. The testimony focused on Bill C-8 An Act to implement certain provisions of the economic and fiscal update tabled in Parliament on December 14, 2021 and other measures, specifically Part 2, Underused Housing Tax Act.
TI Canada’s testimony reflects the organization’s on-going efforts to support corporate transparency through a national beneficial ownership registry. TI Canada was pleased to see movement in this area from the federal government, which plans to implement a publicly-accessible registry by 2025.
TI Canada’s testimony highlighted the impact that opaque beneficial ownership laws have had on the Canadian housing market, allowing individuals to hide their identity behind anonymous corporations, trusts, and nominees.
In 2016, TI Canada’s report, No Reason to Hide, found that out of the 100 most valuable properties in Vancouver, no one truly knows who owned 46% of them. In a 2019 report, OPACTIY: Why criminals love Canadian real estate (and what to do about it), TI Canada and our partners conducted a risk assessment of money laundering vulnerabilities inGreater Toronto Area real estate.Between 2008 and 2018, we found that companies owned 37% of homes valued at more than $5 million, and more than half of homes over $7 million.