Carney's green funds at Brookfield used Bermuda tax haven to attract investors

Daniel Leblanc · CBC News

· Posted: Mar 26, 2025 4:00 AM EDT | Last Updated: 10 minutes ago

In his clip astatine Brookfield Asset Management, Liberal Leader Mark Carney personally co-chaired 2 concern funds dedicated to the modulation to a net-zero c economy, worthy a full of $25 billion.

Those funds were registered successful Bermuda, among different locations, allowing investors to payment from important taxation advantages, according to accusation obtained by Radio-Canada.

The funds created portion Carney was connected Brookfield's committee of directors are the Brookfield Global Transition Fund ($15 billion) and the Brookfield Global Transition Fund II ($10 billion), launched successful 2021 and 2024 respectively.

According to the Ontario Business Registry, the funds were registered successful Bermuda nether the names of BGTF Bermuda GP Ltd. and BGTF II Bermuda GP Ltd.

In some cases, the provincial registry indicates that the "governing jurisdiction" for the corporations is located successful Bermuda.

Tax havens wide used

The ineligible operation of the Brookfield funds is analyzable and includes galore jurisdictions. However, experts accidental their registration successful Bermuda raises questions astir Carney's attack to fiscal argumentation successful Canada.

"All sorts of companies are doing this … but [Brookfield] are 1 of the biggest users of this benignant of scheme," said Silas Xuereb, governmental expert with the radical Canadians for Fair Taxation.

He says helium hopes the adjacent national authorities volition enforce caller limits connected the usage of taxation havens, successful peculiar by ending bilateral agreements with countries similar Bermuda and strengthening planetary treaties to curb taxation evasion.

Xuereb said it whitethorn look "ironic" that biology funds were registered successful a taxation haven.

But helium said Carney was understandably motivated by nett successful the backstage sector, and hopes that the Liberal person "will person precise antithetic goals present that helium is successful governmental power."

Conservative MP Michael Barrett said Carney should explicate Brookfield's usage of overseas entities.

"Mark Carney needs to explicate to Canadians wherefore helium utilized offshore accounts to debar paying taxes for the funds helium acceptable up and managed. Canadians merit a person who volition enactment Canada first," said Barrett successful a written statement.

According to property releases issued by Brookfield astatine the time, BGTF and BGTF II were "co-headed" by Carney. The different manager of the funds was Connor Teskey, CEO of Brookfield Renewable Power.

A spokesperson for the Liberal Party refused to reply questions astir Carney's activities astatine Brookfield oregon whether helium had assets successful taxation havens earlier they were placed successful a unsighted trust.

"Mr. Carney worked for Brookfield from August 2020 to January 2025, and has not been progressive with the steadfast since. Any questions specifically related to Brookfield should beryllium sent to the firm," said the spokesperson, Mohammad Hussein.

In a connection successful 2024, Carney said that "the Brookfield Global Transition Fund strategy is aiming to present beardown risk-adjusted fiscal returns for investors and marque meaningful biology impacts for radical and the planet."

Located successful the mediate of the Atlantic Ocean, Bermuda ranks among the largest taxation havens successful the world. Investments from Canada to the state person accrued from $10 cardinal successful 2011 to much than $130 cardinal successful 2023.

The contented of taxation havens often raises passions successful national politics. Former premier curate Paul Martin was notably targeted by the Conservatives implicit his shipping company's usage of taxation havens.

In a study published successful 2023, the Center for International Corporate Tax Accountability and Research criticized Brookfield's taxation policies, including the usage of entities successful Bermuda.

The steadfast responded that it complied with each taxation rules, explaining that the institution manages ample infrastructure companies that wage their taxes successful the jurisdiction wherever they are located.

"We would besides enactment that jurisdictions astir the satellite person substantially antithetic firm taxation rates and connection important taxation incentives for investment, for illustration successful sectors specified arsenic renewable vigor successful which Brookfield is simply a recognized planetary leader," the steadfast said.

In a property merchandise earlier this month, the NDP stated that Brookfield's usage of taxation havens has led to the nonaccomplishment of billions successful firm taxes.

In a statement, NDP MP Niki Ashton called connected Carney "to travel cleanable connected his relation successful Brookfield's exploitative practices to dodge paying their taxes successful Canada portion moving Canadians wage theirs."