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The Canada Revenue Authority (CRA) is auditing over 750 taxpayers with suspected links to offshore "tax havens" and investigating 20 cases of tax evasion, the Government has said.
In May 2016, the CRA applied to the Federal Court for authorization to issue an Unnamed Persons Requirements seeking information from a Canadian financial institution with alleged links to 375 shell companies named in the Panama Papers. It has now received part of the information requested and is reviewing and cross-referencing the data with information it already holds.
The CRA is also carrying out several audits and criminal investigations into those named in the Panama Papers and recently executed search warrants.
In addition, the CRA has been collecting information on all international Electronic Funds Transfers (EFTs) over CAD10,000 (USD7,669) , including those involving Panama and other jurisdictions of concern. In the case of the Isle of Man, the CRA reviewed 3,000 EFTs totaling CAD860m. The Government said 800 taxpayers were covered, approximately 350 individuals and 400 entities have been contacted as a result, and 60 audits are currently underway.
As of July 31, the CRA's Offshore Informant Program has received 868 calls from potential informants and a further 361 written submissions. Due to information received through the program, more than 180 taxpayers are now being audited.
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