Canadians that have offshore bank accounts and evaded paying taxes will be held accountable as PM Justin Trudeau wins orders for banks to hand over files.
The Canada Revenue Agency plans to go through seven years worth of files to see if Canadians took advantage of the Canadian dollar and to crack down on tax cheats.
The Chronical Journal said:
Two banks have agreed to give the federal revenue minister information from the accounts of a Caribbean financial institution to help the government crack down on Canadian tax evaders.
The Federal Court of Canada has approved federal requests for seven years’ worth of transaction information from the Royal Bank of Canada and Citibank, N.A., related to accounts in the name of Cayman National Bank Ltd.
The Royal Bank and Citibank — neither of which opposed the federal demands — have 120 days to hand over records from Jan. 1, 2009, through Dec. 31, 2015, including account statements, deposit slips, cheques, bank drafts and wire transfer orders.
The move is part of the government’s ongoing efforts to fight offshore tax evasion, said revenue agency spokesman David Walters. “The CRA is committed to combating the abusive use of offshore jurisdictions and protecting the integrity of the Canadian tax system.”
Fines for tax evasion can be up to $25,000 and one year in prison, share and comment your thoughts.