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The Stop International Tax Evasion Program (SITEP) announced in the 2013 Canadian Federal Budget has been renamed the Offshore Tax Informant Program (“OTIP”). It is an income tax program aimed at catching Canadian taxpayers with unreported offshore income. The program commended on January 15th, 2014. A CRA committee will make a decision on the percentage that the informant receives based on the information provided and the details of the case. As tax lawyers we can assist Canadian taxpayers with unreported income to avoid tax prosecution and tax penalties by submitting a voluntary disclosure prior to contact from CRA. We can also assist informants with information about international tax evasion by Canadians who wish to make a claim under the OTIP.

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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