The company made $250.7 million in 2005, a year in which Saint John capped Canaport LNG's property tax bill at $500,000.The tax break required special provincial legislation, which Bernard Lord's Progressive Conservative government passed later in 2005.
The confidential Irving financial records show the oil company was such a resilient money-maker from 2005 to 2009 that it managed to turn a healthy profit even during the darkest days of the global economic crash in 2008. Hine used the memo in a 2010 evaluation of Irving Oil's financial prospects during court proceedings to split the Irving empire, founded a century ago by K.C. Irving, Arthur's father.
A confidential private placement memorandum contains five years of financial data on Irving Oil’s performance. The Bermuda court overseeing the division appointed Hine to assess whether that was in the best interests of Arthur's grandchildren. WATCH | Learn more about what CBC and Radio-Canada found in leaked documents about the Irving family's use of tax havens:Documents reviewed by CBC and Radio-Canada reveal new details of the New Brunswick business family’s use of tax havens.
Oil companies are making TONS of profits off diesel in Atlantic Canada. Refineries earned more than $1 per litre on diesel in November, 4 times MORE than in Nov. 2021. e.g. Irving Oil. Trudeau's fault?
Poorest Province in Canada?
MerlinofCanada Corpoate GREED at its finest. How much did the dirty, backroom dealing politicians pocket?
i'd get banned if I said what I really think about that family. they should end up like the romanovs at the very least.
Now tell us about the multi million dollar loan Trudeau wrote off just before the 2019 election for the Irving Ship Building in Halifax.
Persuaded? Please. premierbhiggs is already in their pocket. He’d happily do anything for Irving.
Defund Irving and cbc
No wonder we pay 15% tax
How much federal tax did you guys enjoy from the employees? Is that how you bought your Mercedes?
Break up the Irving monopoly
You do realize the employe 70% of the east coast
The pockets of politicians are getting lined with cash.
! A 25 year tax_break, after raking in a 1/4 billion dollars and you talk down to people and tell them they are lucky to have a job. That is exactly why I support the teacher.The have and the have nots is alive and well.
They should make the irvings pay their bill who do they think they are trump
The Irvings get tax breaks while most of the province struggles to get by. What else is new? They've always had the provinces politicians in their pockets.
Absolute power corrupts absolutely. The Irvings run New Brunswick, not the government running the province it would appear. Sad state of affairs...
TirxieSimone HI and Irving Oil is STILL SCREWING Canadians! Imagine that almost 1/3 of Diesel prices TODAY are Going to Irvings Refining margins (98c/L) while PierrePoilievre is Claiming 'Carbon taxes' are the cause for price hikes? You decide and Report?
Why are they getting a free ride? s_guilbeault
CBC raked in 1.5 Billion $$’s stolen from taxpayers…
irvings have NB by the balls
Yep!!!!
Easy fix. Take back the tax break and bend them over
Now do a report on the 600 billion that the NDP Liberal Government cannot account for. DefundTheCBC
raked in 1.4 BILLION while providing very little of value.
Irving oil fired my grandfather shortly before he was to start collecting his pension after having worked there his whole adult life.
Now what we’re Irving’s Liberal connections again?
Rich get richer. Poor get poorer.
I’ll get my MP Michael Cooper right on it!
When is enough “enough”?
defund cbc
BixJacks how much donations were handed to the politicians and their affiliated 'associates'... how did we ever let politicians take 'campaign donations' and then be able to do things for rich people. Nobody sees the f'n inherit conflict of interests there? THE FUCK!
CBC costs a billion a year to lie to us.
All while buying their oil from over seas and not benefiting Canada at all.
Interesting, it happens in New Brunswick but not in Alberta. Our oil companies pay taxes on profits like everyone else. What was the tax break for. Employment, property, or ...... . This is CBC news, Propaganda TV paid for by Justin and the Liberals. It might be wrong!!
CailinasEirinn why did diesel jump in NB to over $3 / L when Quebec and NS remained near $2.40 / L ?
Have they figured out the murderer yet?
Make them pay!
Corporate welfare bums.
a_picazo Didn’t the Premier work for Irving?
Are you fucking kidding me? A company with tax havens, not paying any taxes to the province it rapes the forests from. One of, if not, the poorest provinces in the country. Pathetic.
And all this while Irving Oil gouges Atlantic Canadians on the price of diesel and gas.
They sure could return the favour and drop gas prices at their pumps for 25 years, I mean with so much profit, surely they could cut 30-40 cents a litre and still make a tidy profit!
Now do loblawco ArriveCAN & oh wait - Your own Execs & employees took big bonuses 🖕
Corporations have been on Welfare far too long!
They own the province…start with that. Employ thousands of workers through many of their companies. How about you sit your ass down. Didn’t have much to say 5 years ago…
These ppl are TRAITORS undermining our country
I love how they use the word 'persuade' when we all know what they really mean.
Oligarchs going to oligarch. Canada is the toy of a our billionaire class. I believe the UN has reported Canada is run by 40 families.
They should pay maximum irvings says they have work for a good part of new brunswickers but it is not irving doing the work its the peoplewho do the work not irving
Lol 😂 you mean the Trudeau Irving company is some how still profiting …… lol no way
So a failed business model CBC that requires government handouts to exist is criticizing a successful business? Bold move.
The conservative way.
Disgusting that this company keeps coming for handouts from government.
They need more money.
premierbhiggs
Good accountants and lawyers...
Keep in mind that profits are morally wrong and that companies should spend millions in development & operations out of common decency.
Yet we pay an arm and a leg for gas prices go figure
Stop believing cbc
HUH. Who would have thought a MASSIVE Corporation doesnt have the public's best interest at heart?
Friends of Trudeau
This story happens every couple of years and nothing is ever done about it. It's either off shore accounts or hands in political pockets so they pay nothing to the province that they desicrate and abuse and the citizens end up footing their bills.
Yup..
crooks