Bill Morneau & Nancy McCain ... How much tax did you pay last year Moreau?
The Liberal government’s proposal to close what it calls “unfair” tax loopholes has been met with fervent opposition from small business owners since the its three-pronged plan was unveiled in Ottawa in July. Finance Minister Bill Morneau says two-thirds of Canada’s small business owners, including farmers and physicians need not worry about the proposed federal changes to the tax system.
Bill Morneau & Nancy McCain
Nancy McCain is an heir to the privately held multi-billion dollar McCain Foods empire co-founded by her late father Andrew McCain and three uncles, Harrison, Wallace and Bob (all deceased). Nancy McCain's husband, Bill Morneau is Canada's finance minister and previously was executive chairman of the billion dollar human resource consultancy, Morneau Shepell, which his father William Morneau Sr founded. Her brother, Allison McCain is the current Chairman of McCain Foods, Nancy's cousin is Michael McCain who is CEO and the largest shareholder of the $4 billion Canadian food giant, Maple Leaf Foods. Little is known about the distribution of profits from the McCain company to family members.
Public Court filings showed that at least one of Wallace McCain's children, Nancy's cousin, receives an annual $4.25 million tax free capital dividend. Public records show that Bill Morneau received compensation in excess of $1 million prior to his resignation from his company to become Canada's finance minister. While strict conflict of interest rules apply to Morneau's personal holdings in his capacity as finance minister, they do not apply to the personal holdings of Nancy McCain and by extension McCain Foods. Their Bennington Heights estate is one of the largest properties in mid-town Toronto with almost 2 acres of land backing onto a ravine. Nancy's cousin Martha McCain lives on the other side of the ravine in the Moore Park neighborhood of Toronto. Nancy's sister, Linda McCain lives just across the road from her estate. The McCain family also own two yachts, Michael McCain owns the 106' sailing Yacht Inuksuk I and other members of the McCain family own a 142' motor yacht called Playpen. Both yachts are used extensively by various family members, M/Y Playpen transited (Winter 2017) the Panama Canal with an itinerary that will take it from the Galápagos north to California and Vancouver then on to Alaska. Playpen is registered in the Marshall Islands for obvious reasons but home port is St. John, New Brunswick near St. Andrews where in most summers the yacht can be seen moored off of the McCain family compound that was built by Harrison McCain in the late 1980's. Bill Morneau and Nancy McCain also own a spectacular Villa or Provençal farmhouse known as a "Mas" in Provence (the South of France) just outside the village of Oppede (see link at the bottom of this page). They manage the property through a company they formed in 2007, SCI Mas des Morneau. In addition the Morneau family has interests through numbered companies in properties in Sarasota, Fl just 100 miles north of cousin Scott McCain's luxury Naples condo. More information on Bill Morneau and Nancy McCain can be found on the original link below.
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