Ottawa, April 11, 2013
Archived - Minister of Finance Promotes Investment, Trade and Tax Fairness During Visit to Bermuda
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The Honourable Jim Flaherty, Minister of Finance, is in Bermuda to promote deeper trade and investment ties between both economies. The Minister will also discuss the benefits of the Canada-Bermuda Tax Information Exchange Agreement and the Harper Government’s new measures to crack down on international tax evasion.
“Further developing our trade and investment relationship with Bermuda, a truly global leader in reinsurance, is one of the ways the Government is diversifying our export markets as part of our plan for jobs, growth and long-term prosperity,” said Minister Flaherty. “With respect to reinsurance, Bermuda is the dominant global jurisdiction for catastrophic-event property and casualty insurance and is an important partner for many Canadian businesses.”
Over the past few years, the Government has introduced measures to strengthen the Canadian jobs market and economy, while signing Tax Information Exchange Agreements with Bermuda and other jurisdictions to improve tax fairness and introducing incentives to work, save and invest in Canada. In fact, Canada has signed 19 Tax Information Exchange Agreements, and agreements with 11 other jurisdictions are currently under negotiation. Minister Flaherty has designated the Bermuda Stock Exchange under Canada’s Income Tax Act as a market that follows acceptable standards.
In addition, the Government of Canada has negotiated six Free Trade Agreements with nine countries and signed Foreign Investment Promotion and Protection Agreements with 16 countries since 2007. The Government is in the midst of Canada’s most ambitious trade expansion plan in history.
“Canada is alone among the Group of Seven (G-7) countries to receive the highest possible ratings from all the major credit rating agencies, which contributes to our strong global reputation,” Minister Flaherty added. “We have earned the trust of global investors for our responsible fiscal, economic and financial sector management, which makes Canada an increasingly attractive destination for investment.”
- Agreement between the Government of Canada and the Government of Bermuda under entrustment from the Government of the United Kingdom of Great Britain and Northern Ireland on the Exchange of Information with Respect to Taxes
For further information, media may contact:
Office of the Minister of Finance
Department of Finance