Canada’s Minister of National Revenue reports that Canada’s rules on how it pursues tax evaders need to be revamped if the Canada Revenue Agency is to successfully prosecuting people who hide money in tax-haven banks.
The CRA does not currently have the ability to compel banks to report when account holders send money out of the country. The Minister thinks that Canada should have access to that information.
According to the Financial Post, Canadians may have stashed more than $5-billion in certain offshore accounts.
Canada Revenue Agency
The CRA publishes information about convicted tax evaders on its website. The website suggests that the Canada Revenue Agency has had greater success prosecuting entrepreneurs and tradespeople for tax evasion than it does in persuing the wealthy.
If you have been charged with tax evasion, or if you are undergoing a tax audit where there may be a risk of criminal charges being laid, consider contacting a criminal defence lawyer who has extensive experience in taxation matters. The Ottawa lawyers at Auger Hollingsworth would be pleased to speak to you about your case.