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35 |Thursday November 16, 2017 | OAKVILLE BEAVER |www.insidehalton.com t seems a lot of news lately has to do with the almighty dollar. During the summer, federal Finance Minister Bill Morneau introduced a number of proposed tax changes that affected small business owners. There was a groundswell of opposition and sud denly a relatively young Liberal government was in damage control. Philosophically, we all agree everybody needs to pay their fair share of taxes in order to provide the benehts we all take for granted. There is often disagreement, however, on what is fair. One good thing that came out of the contro versy over proposed tax changes was that many Canadians voiced concern that its time for a major overhaul of how we collect government revenue. The message was that just tweaking the system wouldn't be enough. Then came the embarrassing news that the hnance minister did not sell his business assets or put them in a blind trust when he joined the fed eral cabinet. Canadians are very sensitive about how politicians can influence policy for their own personal hnancial advantage. As a nation, we do not mind that some have accumulated hnancial wealth because of hard work or good fortune. As long as everybody plays by the rules. When it comes to money, Canadians also have a strong interest in how the rich and famous manage their assets. Due to the Paradise Papers, we are now privy to how some affluent Canadians manage their money. The Paradise Papers are a collection of 13.4 million conhdential hles that became public last week because the computers of a law hrm in Ber muda were hacked. The hles show the hidden offshore financial dealings of wealthy individuals and multination al corporations. This is a big deal. There were 3,000 Canadians identihed in the Paradise Papers as being involved in offshore ac counts. Steven Bronfman, a signihcant Liberal Party fundraiser, was reported to be among them. I Lots of news about money Dollars & Sense Peter Watson Guest Contributor For more news, visit insidehalton.com VOLUNTEERING Christmas w ith a P U R P O S E !! Last year thousands of families ALL ACROSS C AN AD A were helped because Friends of the Army cared about families in need. The Conservative opposition pounced on the opportunity to embarrass the government. One conservative member of Parliament asked the Prime Minister to return all funds raised for the Liberal Party by Bronfman if there was any evi dence of wrongdoing. Such an extreme initial reaction makes no sense. W hat does make sense is that the Canada Revenue Agency, which oversees the collection of taxes, now has new information on 3,000 Ca nadians. In his research on tax havens, Gabriel Zucman, an assistant professor of economics at Uni versity of California, Berkley, has estimated the annual global tax loss at $190 billion, and that the tax avoidance of the multinational corpora tions could be close to $7.6 trillion. Money plays an important role in society. For some it is how they measure their success in both the ability to earn money and to accumulate wealth. Tax avoidance by some has consequences for all. Our taxes pay for education, health care, in frastructure, and transportation systems, which attracts investments and business. All of this al lows Canada to succeed in a competitive global market. Many recent news stories have been about money. Canadians accept that everyone has varying amounts of money. But it isn't all about wealth. 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