Just days before a crush of headlines focused on Canada's austerity budget and fears about whether tiny island Cyprus would trigger a broader European crisis, there was some news about a tiny subset of Canadians that are clearly living it up in otherwise shaky economic times.
They're probably not stressing too much about the fact that the Canadian economy is expected to grow an anemic 1.6 per cent this year, potentially constraining other crucial factors of the country's economic ecosystem. Unlike many Canadians, they're also not likely saddled with record-high debt.
But now, Canada's Finance Minister Jim Flaherty has signaled it wants to shine light on the country's wealthiest. Last week, Ottawa announced measures to close some tax loopholes and target hidden offshore money as a way to raise revenues and slay the country's deficit. How it all plays out still remains to be seen.
Canada is home to the world’s eighth-largest population of “ultra-rich," according to a recent National PostRead More »from Canada’s ‘ultra rich’ keep wealth under wraps