A key question about the role hedge funds play in the finance industry is how much is the industry paying for their services?
A new report from the Centre for Policy Alternatives says hedge funds spend more than a trillion dollars a year on services, but the industry says it spends less.
“We think the figure that the industry gives us is way too low,” said Jim Wainwright, a spokesperson for the Hedge Fund Association of Canada.
“The industry has spent a lot of money on consultants, but they’re not necessarily paid by the industry.”
The report estimates that the hedge funds in the hedge-fund industry spent more than $9.6 billion on services in 2013-14, with the biggest providers of these services paying a total of $5.7 billion.
Wainwylly said the industry is not required to disclose how much it pays the consultants, and he declined to provide an estimate.
The industry, which includes hedge funds as well as publicly traded companies, has been pushing for the federal government to increase taxes on hedge fund companies and others to help cover its costs.
But the Liberals have so far resisted this, citing concerns about the impact of higher taxes on small businesses and the financial sector.
The new report is based on data from the Canada Revenue Agency and the Office of the Superintendent of Financial Institutions.
It estimates that there are more than 12,000 hedge funds operating in Canada, a number that could increase in the coming years as more firms are created.
The report notes that some hedge funds are privately held and thus can’t be held accountable for any tax liabilities.
Hedge fund companies pay a special tax rate known as the FIT, which is a measure that reflects the tax advantage the firms have in the Canadian tax system.
The tax rate is the same for all companies, so companies that have investments in hedge funds pay the same rate as those companies.
But hedge funds also pay higher taxes than other firms that do not use hedge funds, because they pay more capital gains taxes.
“This is a complex subject, but we think that this is a really important issue that needs to be addressed,” said John A. O’Leary, a professor of economics at Carleton University.
“It would be great if they would do more to encourage the use of hedge funds.”
O’Donnell said that the tax treatment of hedge fund firms is also problematic because they are not publicly traded.
In some cases, they have not paid all their taxes, and in other cases, it is not clear whether their tax bill was paid.
O”Leary said he doesn’t think the tax issue is as big a concern for the industry as it is for other sectors.
“What we’re talking about here is not one particular group of companies,” he said.
“There’s a lot more than that.
A spokesperson for Treasury Board Services said it does not comment on internal financial matters. “
These are people who are making a lot less than their employees.”
A spokesperson for Treasury Board Services said it does not comment on internal financial matters.
“Financial institutions play a key role in the financial system by providing financial services, investing in the economy, and providing credit for businesses,” said spokesperson David Eller.
“While the CRA takes a position on this issue, the industry takes no position on any tax implications.”
The Canada Revenue Authority said in a statement that it does “not comment on tax issues” but added that the agency does not provide tax information to the media.
The CIBC bank has reported that it received an average of $1.7 million in tax from hedge funds since 2010.
It said that since 2013, it has received more than 1.3 billion dollars in tax.
“In recent years, tax has been a key source of revenue for CIBC, providing the company with revenue that supports its core business operations and helps ensure our businesses continue to compete globally,” said CIBC spokesperson Mark Hickey in a written statement.
“To date, CIBC has maintained its tax compliance with all relevant requirements.”