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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.

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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