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CRA Obtains Tax Avoidance Information

by Mike Godfrey, Tax-News.com, Washington

13 June 2013


Revenue Minister Gail Shea has revealed that the Canadian Government is now in possession of information on individuals with offshore assets.

Speaking before parliament, Shea explained that the Government has "reached out to key international partners and [has] been working to obtain this data in accordance with our tax treaties." According to the Canada Revenue Agency (CRA), the information acquired is "voluminous," and requires a substantial review. This is now underway, and the CRA will take any action deemed necessary as a result of its analysis.

Shea also announced that Canada is to benefit from an information sharing deal arranged last month by Australia, the UK and the US. Under a separate agreement, the Government is to receive any information relevant to Canada.

TAGS: individuals | compliance | tax | tax compliance | tax avoidance | Australia | United Kingdom | tax authority | offshore | tax planning | Canada | United States | revenue statistics

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