Irving’s slap on the wrist
Dear Editor: Back in 2013, towns people in the community of Lac Magantic, Quebec, were peacefully unaware of a train containing crude oil, owned by the Irving Oil company, rolling unguarded into their town centre.
The resulting explosion killed 47 people.
Irving Oil, a family business, has been fined nearly $4 million as a result, with none of the money (as far as I understand) going to the families of the deceased.
As late as 2015 the Irvings were worth an estimated $7.65 billion, with a net increase of 2 per cent from the year before ($153 million). The fine they received for negligently killing 47 people amounts to about 0.05 per cent (that’s 5/100ths of one percent) of their net worth, or, according to my calculations, about 2.6 per cent of the money they made in one year.
This same family is on a list of corporations and companies that have hidden a goodly portion of their income in various Caribbean islands to avoid taxes in Canada.
So far, the present Liberal government in Ottawa has made little effort to close the loopholes of tax evasion by corporations, but instead, is trying to increase taxes on “middle class” Canadians. Frank Martens