Liberal Leader Mark Carney is once again facing scrutiny over his past role at Brookfield Asset Management, following new revelations that a third multi-billion dollar investment fund under his leadership was registered in an offshore tax haven—this time in the Cayman Islands.
Records obtained by Radio-Canada confirm that Brookfield’s $5-billion Catalytic Transition Fund was incorporated in the Cayman Islands during Carney’s tenure at the firm from 2020 to 2025.
This latest revelation follows earlier reports that two other Brookfield funds—worth a combined $25 billion—were registered in Bermuda.
CBC also confirmed that both of those funds were personally overseen by Carney and registered offshore for tax purposes.
It’s not the first time Carney’s connection to Brookfield’s international tax strategy has come under fire.
A report from last week saw the NDP accuse Carney’s Brookfield of avoiding an estimated $5.3 billion in Canadian taxes between 2021 and 2024.
During that time, the firm generated $23.3 billion USD in income but paid only $2 billion in taxes.
Critics have highlighted Brookfield’s growing reliance on offshore tax havens, including a Bermuda-based office that reportedly manages $50 billion in registered assets.
Carney has repeatedly defended Brookfield’s financial structuring, arguing that the company follows international tax standards and that its flow-through model ensures Canadian investors ultimately pay taxes domestically.
Conservative Leader Pierre Poilievre called on Carney to release details of his personal holdings, including any assets placed in a blind trust upon assuming leadership of the party.
Conservative MP Michael Barrett echoed that call, stating, “He needs to immediately release his personal financial holdings so Canadians can judge for themselves.”
MP Barrett also sent a letter recently to the Lobbying commissioner to investigate Carney for possible conflicts of interest in the heat pump sector.
NDP Leader Jagmeet Singh criticized Carney’s past decisions, stating, “Carney chose to register these funds in another country to avoid paying those taxes. That’s less money for health care. Less money for seniors. Less investment in our country.”
Bloc Québécois leader Yves-François Blanchet shared similar concerns, accusing Carney of believing “taxes are simply for normal people, and not for millionaires or billionaires like him.”
Carney has consistently maintained that Brookfield’s tax structuring was a matter of efficiency, not avoidance, emphasizing that taxes are paid where they are owed.