David Rotfleisch, the founding partner at Toronto tax boutique Rotfleisch & Samulovitch Professional Corporation. was recently quoted in an article published by Legalwriter.net about Canadians being named in the Pandora Papers.
Rotfleisch states, “The fact that you’re named doesn’t necessarily mean you’ve done anything wrong.” That’s because it’s not illegal to have an offshore account, but it is illegal to avoid paying taxes on it. However, the Canada Revenue Agency (CRA) will likely be knocking on your door sooner or later.
“Even though nothing may happen for a year or two, taxpayers should start papering everything immediately, because once CRA does knock on the door, there’s a fairly tight time frame to respond,” he adds.
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