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In Early February of this year, the CBC’s investigative journalism team uncovered documents that showed English based bank HSBC actively aided hundreds of Canadian taxpayers hide secret accounts from the Canada Revenue Agency (“CRA”). With the aid of HSBC, approximately 2000 Canadian taxpayers were able to avoid paying millions of dollars in taxes to the CRA. A former employee of the bank came forward as a whistle-blower. Of the almost 2000 taxpayers implicated in the HSBC leak, some two hundred and sixty have come forward and made voluntary disclosures to the Canada Revenue Agency. Canadian taxpayers who have undeclared accounts and income and who have not been contacted by CRA should made an application under the CRA’s Voluntary Disclosures Program.

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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