Category: Offshore Tax Informant Program

Canada To Ramp Up Efforts Against Tax Evasion

The Canadian Government has said that it will review its tax ruling process and voluntary disclosures program as part of its response to recommendations made last year by a parliamentary committee. In October 2016, the Standing Committee on Finance released its report on the Canada Revenue Agency’s (CRA’s) efforts to… – Continue reading

CRA offshore tax tip line nets $1M in reassessments, penalties

More than 20 informants have signed contracts with tax agency that could lead to reward money The Canada Revenue Agency’s offshore tax evasion tip line has resulted in signed contracts with more than 20 informants and more than $1 million in tax reassessments and penalties. The tips have also resulted… – Continue reading

Canada Revenue Agency’s 2014-2015 annual report to Parliament: Focus on compliance measures

The Canada Revenue Agency (“CRA”) released its Annual Report to Parliament (“Report”), outlining the CRA’s performance and key statistics for 2014-2015. This article highlights some of the measures that the CRA has undertaken to combat non-compliance. During 2014-2015, the CRA assessed over $1.7 billion in additional taxes owing and identified… – Continue reading

Get a reward for helping Canada Revenue find offshore tax cheats

THE Canada Revenue Agency (CRA) has a new program that offers rewards to individuals who provide precise details about Canadians hiding money or assets offshore and not paying the taxes they owe. It is not illegal to invest money or hold accounts offshore but Canadian residents must report their worldwide… – Continue reading