STIGTRYGGUR JOHANNSSON/Reuters
By Rob Carrick
There's a widely held view that we should be angry about the Panama Papers, the name given to 11.5 million leaked documents disclosing how rich and powerful people around the world are using tax havens. Now for the contrary view – that we should worry less about legal things the wealthy do for estate planning purposes and focus more on fighting corruption.
Here's how those named in the Panama Papers are responding – with denials and outrage.
One result of this story is that Canada and other countries are going to look hard at their tax gap, which is the difference between the money collected in taxes and overall revenue that should be generated based on the country's economy. Global banks will also face greater scrutiny.
Want to subscribe to Carrick on Money?
Click here to receive it twice weekly by e-mail.
Rob's top web links
Watch out for these sneaky plumber tricks
> Finding skilled, honest tradespeople is one of the hardest parts of being a home owner. Here are some things to look out for when hiring a plumber.
10 ways to reduce your housing costs in retirement
> Even if your mortgage is paid off, the cost of running a house can be a burden in retirement. Here are some ideas on how to lighten the load.
Explained: Return of capital
> My colleague John Heinzl has written a couple of columns trying to help readers work through the concept of return of capital, which often applies to money paid by mutual funds and exchange-traded funds that pay regular income. Here's the first one, and here's the latest.
Bank covers the cost of bad advice
> A couple receives a cheque for $50,000 from a big bank to cover the cost of investing advice that resulted in a big tax bill. It pays to fight back if you get bad advice that costs you money.
Federal budget triggers deficit hysteria
> Some perspective for those worried about the near $30-billion deficit the Liberal budget set out for 2016. In this land of sky-high personal debt, there's been a lot of concern about the government spending so much more than it takes in.
Today's featured investment tool
I use this compound interest calculator all the time – super useful for projecting investment returns.
Ask Rob
The question: "How can family members help a 95+ , very independent (I will not say stubborn) parent avoid being abused by less than scrupulous advisers or accountants?"
My reply: Suggest to your parent that you or another family member attend meetings with the adviser or accountant to provide a second set of ears (not babysit). Make it clear to the adviser that your parent has backup, and that all advice will be discussed within the family. Google any financial people your parent deals with to get a sense of how they operate and what they've been up to.
Do you have a question for me? Send it my way. Questions and answers are edited for length.
Featured Video
Key estate planning points for people with tax free savings accounts.
Gen Y Personal Finance
Our new Gen Y Money page is aimed at 20- and 30-somethings with questions about money.
More Carrick and money coverage
For more money stories, follow me on Twitter and join the discussion on my Facebook page. The Globe's personal finance Twitter account is here.
Send us an e-mail to let us know what you think of my newsletter.
Want to subscribe? Click here to sign up.