Quick Facts on CRA’s Efforts to Combat Offshore Tax Evasion and Aggressive Tax Evasion

by in Canadian Government News and Updates
Quick Facts on CRA’s Efforts to Combat Offshore Tax Evasion and Aggressive Tax Evasion
In a recent news release, the CRA highlights its efforts to combat offshore tax evasion and aggressive tax evasion through international partnerships. Here are some quick facts:

- In 2017, Canada implemented the Common Reporting Standard (CRS) to provide CRA with information on Canadian’s overseas financial accounts.
- Under the CRS, Canadian financial institutions are required to identify non-resident’s financial accounts and to provide account details annually to CRA. The CRA then shares this information with foreign jurisdictions.
- Information collected under the CRS includes names, addresses, account numbers, balances and interest payment amounts.
- More than 100 jurisdictions are participating in this initiative.
- Canadians who have financial accounts in jurisdictions that are CRS partners with Canada will now have their account details shared with CRA annually.
- Since January 2015, the CRA has been automatically accessing all international Electronic Funds Transfers (EFTs) of more than $10,000 entering or leaving the country.

Source: https://www.canada.ca/en/revenue-agency/news/2018/11/better-data-and-approaches-help-the-canada-revenue-agency-identify-canadians-trying-to-hide-their-assets-overseas.html
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