OTTAWA — April 4, 2025 — Mark Carney, the Liberal Party’s newly minted leader and former chair of Brookfield Asset Management, under renewed scrutiny from the New Democrats after offering a defensive and evasive response to questions about Brookfield’s extensive use of offshore tax havens during his tenure.
At a press conference this morning, Carney once again conflated Brookfield’s corporate structure with its pension investment funds, repeating an earlier claim that the company’s tax arrangements “follow the rules.”
The NDP notes that both critics—and economists—have pointed out that the legal status of a tax haven scheme does not equate to ethical governance, especially when those structures are used to avoid paying billions in Canadian taxes.
In a release the New Democrats say that public filings show that Brookfield avoided $5.3 billion in taxes between 2021 and 2024, registering many of its key business divisions, including real estate, renewable power, and infrastructure, to a Bermuda address that also houses a bike shop.
Carney Offers No Commitment to Reform Charge Jagmeet Singh
When asked directly whether exploiting legal loopholes to dodge Canadian taxes is ethical, Carney deflected, offering no specific proposals to reform offshore tax practices or close the very loopholes his company benefited from.
Carney’s equivocation has ignited backlash, particularly from New Democrats, who argue that tax avoidance of this scale directly undermines public services, including health care and housing—core issues dominating the 2025 federal campaign.
Singh: “Billionaires Dodge Taxes, Families Pay the Price”
In a pointed contrast, NDP Leader Jagmeet Singh launched a new plan in Montreal today aimed squarely at ending corporate tax dodging, with Brookfield—and Carney—named directly.
“For years, the ultra-rich have exploited offshore tax loopholes to avoid paying their fair share—leaving working families to cover the shortfall,” Singh says. “Liberals and Conservatives created these loopholes. New Democrats will close them.”
Singh emphasized that while Carney’s Brookfield sheltered $5.3 billion offshore, that money could have funded:
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53,000 nurses to address the health care crisis,
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17,600 doctors to reduce wait times,
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5,300 electric buses for a national transit overhaul, or
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14,500 affordable housing units across Canada.
“While billionaires hide their wealth offshore, Canadians are stuck in ER waiting rooms and priced out of housing,” Singh added.
NDP’s Plan to Combat Tax Haven Abuse
The NDP’s platform includes:
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Ending tax treaties with known havens like Bermuda,
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Mandating real business justification for offshore subsidiaries,
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Public country-by-country financial reporting for multinational corporations, and
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A full review of the tax code to eliminate avoidance loopholes.
The party is positioning its tax justice platform as a cornerstone of its campaign to rebuild public trust, calling out what Singh describes as a “two-tier tax system” where everyday Canadians pay more while powerful corporations hide profits.
Politics 2.0: The New Campaign Battleground
This clash between Singh and Carney signals a deeper shift in campaign narratives—from broad promises to specific questions of accountability, tax equity, and economic ethics.
Polling numbers are showing that increasingly the 2025 election campaign is a two party race with the Liberals and Conservatives almost tied. The New Democrats are facing a multi-level challenge. First after propping up Justin Trudeau and the Liberals for years in the minority parliament, they now have to shift focus and seem to have chosen the attack Carney card.
Additionally the New Democrats are not as flush with cash as they could be. Fundraising appeals to members are going out daily.
Meanwhile the Conservatives have a substantial warchest and the Liberals have seen a surge in fundraising since the departure of former leader and Prime Minister Justin Trudeau.
With affordability, health care, and public trust at the heart of the 2025 election, Carney’s leadership may face a persistent challenge over his corporate record.
