The Canada Revenue Agency (the Canadian income tax department, “CRA”) has received details of Canadians with bank accounts in the United Kingdom including England and Northern Ireland and is investigating to see if those Canadians have declared their interest income. Canadians who have not reported their offshore income may still be eligible for the voluntary disclosure program (tax amnesty or VDP) to avoid prosecution and penalties.
"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."