Offshore Voluntary Disclosures Volume Up
CRA, the Canadian tax authority, has released new figures indicating the number of voluntary disclosures (tax amnesty applications) for unreported offshore assets or income has doubled to 10,000 from the previous year. Canadians are becoming aware that offshore bank secrecy is over, and foreign banks are reporting to tax authorities. The new Overseas Tax Informant Program is also now fully operational and generated over 1000 calls to CRA. Canadian taxpayers with unreported foreign assets or undeclared income are eligible for the voluntary disclosure program if they approach CRA before the tax authorities contact them.
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