The Royal Bank of Canada

RBC: Stop providing tax shelters to Canada’s super-rich.

RBC: Stop providing tax shelters to Canada’s super-rich.

381 signatures
19 signatures until 400

The Panama Papers, an unprecedented 11.5 million files leaked from the world’s fourth-largest offshore law firm, have exposed a network of offshore tax havens and shell companies for the world's super-rich and mega-powerful. And what Canadian bank is on everyone’s lips? RBC.

The Royal Bank of Canada set up at least 370 offshore incorporations for its clients. While not strictly illegal, these “shell companies” are often used to hide investments in order to avoid paying taxes at home.

We can’t stop thinking about the billions -- billions! -- of lost tax revenue floating out there in Cyprus, the Bahamas and Switzerland. Billions that should be funding schools, hospitals, social services and public infrastructure. We’ve been fighting corporate tax avoidance for years so we knew it was huge -- but the Panama Papers show us we had no idea exactly how colossal a problem it was.

It’s time to do something about it. Tell RBC to stop providing tax shelters to Canada’s super-rich.

Nobody is talking about it, but Canada is in a tax avoidance crisis right now. Canadian accounting firm KPMG was caught red-handed by investigative journalists helping millionaire clients avoid paying their fair share -- and then the Canada Revenue Agency offered these sham artists amnesty! Tens of thousands of SumOfUs members stood up to say: no, not on our watch.

We know there is more to come in the 2.6 terabyte Panama Papers leak -- but already we feel like the fix is in to protect one of Canada’s biggest banks. In Iceland, nearly 10% of the population marched in the streets when they found their prime minister was hiding his wealth offshore -- and forced him to resign. What are we going to do about RBC?

Exactly. Make it put an end to tax havens and shell companies. Demand RBC come clean, now.

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