Conservative MP Michael Cooper claimed Thursday that Brookfield Asset Management, Mark Carney's former employer, avoided over $6.5 billion in Canadian taxes over five years, amid ongoing legal issues for suspected tax evasion.

During a remote appearance before the Commons ethics committee, Jason Ward, an analyst with the Centre for International Corporate Tax Accountability and Research, identified Carney's Brookfield as “Canada’s largest tax dodger.”

Cooper conveyed this information in an online statement, noting that Ward is a “tax avoidance expert.”

“Carney’s company pocketed billions at Canadians’ expense,” Cooper alleged. 

🚨BOMBSHELL🚨

Tax avoidance expert says CARNEY'S Brookfield is Canada's LARGEST TAX DODGER.

He confirmed Brookfield EVADED over $6.5 BILLION in Canadian taxes in just 5 years.

Carney's company POCKETED BILLIONS at Canadians' expense. pic.twitter.com/eR4VuNtGS9

— Michael Cooper, MP (@MichaelCooperMP) October 23, 2025

In his testimony, Ward cited research by Canadians for Tax Fairness and the Toronto Star revealing a significant “tax gap.” 

He explained that while some companies have legitimate reasons for paying below the statutory rate (i.e., individuals in unstable countries seeking safe havens, and multinationals diversifying capital), this indicates a major underpayment of taxes that, “in the spirit of the law," should have been paid to fund Canadian public services.

Cooper pressed Ward, stating that Brookfield's $6.5 billion figure makes it “Canada’s largest tax dodger amongst corporations.” Ward agreed, saying it “has been labelled as such,” and is “clearly in the very top tier.”

Tax havens are vulnerable to exploitation for illicit activity such as money laundering and tax evasion, experts say.

Brookfield, led by Carney from 2022 to January 2025, reported $1 billion in profit from 2022 to 2024 but paid no taxes, per SEC filings. Tax expert Brigitte Alepin urged Carney to explain how he structured the company to avoid taxes.

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Canada’s prime minister continues to withhold details about his blind trust assets and whether he owns Brookfield stock options.

On May 28, Liberal MPs defended Carney's tax planning with Brookfield, which he left on January 15 as chairman to seek the Liberal Party leadership. 

“They [Conservatives] dig dirt on day one,” said Government House Leader Steven MacKinnon. “Shame on them. We are going to continue our work.”

Conservative MPs clarified they only wanted confirmation that the former central banker hadn't used offshore corporations to avoid federal taxes, according to Blacklock’s.

This follows a U.K. think tank also calling Brookfield Asset Management “Canada's top tax dodger” in 2023 due to its Bermuda base. The prime minister, as chair, has not commented on Brookfield's tax planning.

Carney defended his company's creation of $30 billion in Cayman Islands and Bermuda funds to maximize Canadian taxpayer returns.

MP Michael Barrett questioned if the Carney's blind trust investments originated from offshore tax havens. House leader Steven MacKinnon stated the PM followed all rules.

Others warned that continued queries would dissuade talent with private sector experience from seeking public office in the future.

"If it were going to be taxed in Canada, he wouldn't need to funnel it through Bermuda": Poilievre rips Carney for his business moving its money to a notorious tax haven.

That tax revenue should be funding "our schools and hospitals," the Conservative leader says. pic.twitter.com/AMzb9huzHe

— Rebel News (@RebelNewsOnline) March 26, 2025

On April 8, the Conservative Party urged the CRA to publicly identify Canadian corporations paying little to no federal tax. Opposition Leader Pierre Poilievre stated, “You can’t avoid your taxes ... Global elites should not be able to either.”

The CRA previously stated that holding offshore assets does not automatically imply Canadian tax non-compliance, following the 2021 Pandora Papers.

Poilievre has frequently criticized Carney's Brookfield stock options, linking them to his broader critique of Brookfield Asset Management. As of December 31, the prime minister holds nearly $10 million in unexercised stock options, unsellable for years, tying him to corporate interests.

A March 2026 hearing is set over an alleged tax avoidance scheme involving $183 million on a foreign currency exchange gain. The allegations are unproven.

Carney oversaw Brookfield's 2023 tax court challenge against the CRA for reassessed tax payments from September 2020, before his involvement with the company.