The Canada Revenue Agency (the Canadian income tax agency, “CRA”) has announced that it is approaching Swiss banks for information about Canadian offshore bank account holders. Owners of offshore accounts can avoid prosecution and penalties and often obtain an interest reduction by making a voluntary disclosure (tax amnesty application).
CRA is identifying Canadians with Swiss bank accounts; avoid prosecution with voluntary disclosure if you have unreported offshore income.
Bradley Birkenfeld, a former Swiss banker with UBS AG is thought to be co-operating with the Canada Revenue Agency to help identify Canadians with Swiss bank accounts who may not have reported offshore income. A voluntary disclosure (tax amnesty application) can avoid prosecution in those cases.
Avoid prosecution and penalties if you have undisclosed offshore bank account with UBS or any Swiss bank
If you have an offshore bank account with UBS or any Swiss bank or in any other country and have not declared your income you can avoid prosecution and penalties and often obtain an interest reduction by making a voluntary disclosure (tax amnesty application).
"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."