CANADIAN FINANCIAL SERVICES INSTItutions are likely to be dealing with a new global financial information-sharing compliance regime as early as next year, as governments continue to target offshore tax evasion. Last year, the Organization for Economic Co-operation and Development (OECD), at the request of the G8 group of nations, outlined a plan to implement a […]
Ottawa is proposing to make financial firms report international electronic funds transfers of at least $10,000 to the CRA
Agency needs to ramp up efforts to handle the increase amount of information it is receiving about offshore accounts.
New disclosure rules for taxpayers with over $100,000 in foreign property to help prevent tax evasion
Data exposing cases of potential tax evasion and aggressive tax avoidance obtained from other government
Governments are becoming aggressive in seeking out and punishing those they believe are trying to hide money offshore
Scam follows a “tax charity” format where for each dollar donated to an alleged charity a tax deduction receipt is provided at a multiplied rate of return
Draft legislation would allow banks to negotiate individual closing agreements with the U.S. Dept. of Justice
New rules will add to filing burdens for honest taxpayers
U.S., Australia and Britain have data on hidden assets