Prime Minister Justin Trudeau and finance minister Bill Morneau have been justifying their massive corporate tax grab by accusing farmers and other small business of incorporating, in order to cheat on their taxes and shelter their money in tax havens.
It’s a weird allegation from Morneau who, according to his Parliamentary Ethics Disclosure, has six companies to shelter his income, including the dividend he earns from shares in the family business, Morneau Shepell.
Bill Morneau said he sold off his 180,255 common shares in Morneau Shepell before he won his Liberal nomination. Those shares at the time were valued at $3 million.
But, assuming he hasn’t liquidated them, Morneau still indirectly owns 2,066,408 common shares in Morneau Shepell, worth about $32 million, through one of his numbered companies in Alberta.
And if you are a shareholder of Morneau Shepell, today you got some good news:
Your monthly dividend is being paid out on October 16. You’ll be making 6.5 cents per share!
Which means, if he hasn’t sold, Morneau’s September dividend for his shares in his family company will be over $134,000 — paid into that Alberta holding company he controls.
But if a farmer uses a dividend to pay for his child’s university education, according to Morneau, he’s a tax cheat.