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As threatened at the time of the massive Panama Papers tax haven information leak, the Canada Revenue Agency has confirmed tax fraud investigations of dozens of Canadians for possible tax evasion charges linked to the Panama Papers. CRA said that it data mined over 11.5 million documents from the Panama Papers, and identified 2,600 with a Canadian link. Based on those links it commenced tax investigations into 85 Canadian, executed search warrants in some cases and has instituted 60 income tax audits. Criminal tax evasion investigations are ongoing in some cases. Canadian taxpayers who are not yet part of a tax audit or criminal tax fraud investigation may still be able to submit a CRA voluntary disclosure application to avoid tax criminal charges and civil tax penalties.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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