News and Media

Harper Government cracks down on international tax evasion and aggressive tax avoidance with launch of Electronic Funds Transfer Initiative

7th January 2015

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today announced the launch of the Canada Revenue Agency’s (CRA) Electronic Funds Transfer (EFT) initiative, introduced in Economic Action Plan 2013 as one of several new measures to crack down on international tax evasion and aggressive tax avoidance.

Effective January 1, 2015, certain financial intermediaries, including banks, have to report to the CRA incoming and outgoing international EFTs of $10,000 or more. These reports will allow the CRA to better identify higher risk taxpayers and files and, in turn, more effectively identify taxpayers who participate in international aggressive tax avoidance and attempt to conceal income and assets offshore.

To read the full article, click here.

Reducing Participation in the Underground Economy

2014

I am pleased to present our updated Underground Economy strategy. The underground economy creates an unfair advantage for those who engage in it. It undermines the competitiveness of honest businesses, especially small businesses, who abide by the law.

Most Canadians are hard-working citizens who voluntarily follow Canada’s tax laws. The Organisation for Economic Co-operation and Development (OECD) ranks Canada’s underground economy among the lowest of OECD countries. We’re proud of that ranking – and of the strong identification, audit, and enforcement programs that help us achieve it.

To read the full article, click here.

Statement by the Honourable Kerry-Lynne D. Findlay

2014

I am pleased to note that, today, the Auditor General of Canada confirmed that the Canada Revenue Agency's (CRA) Aggressive Tax Planning program has the tools to detect, correct, and deter non-compliance.

Our Government is committed to ensuring the fairness and integrity of the tax system and that everyone pays the correct amount of taxes they owe. While taxpayers are entitled to manage their tax affairs to reduce or eliminate the amount of tax owing within the objectives, and spirit of the Income Tax Act, the CRA will continue to challenge abusive schemes that are designed to avoid reporting or paying tax on income. Today, the Auditor General confirmed that the Agency has the tools to get the job done and is using them effectively.

To read the full article, click here.

CONNECT WITH ACCOUNTANCY INSURANCE

PROFESSIONAL ASSOCIATIONS





 

 

 

CLIENT SUPPORT

AUDIT SHIELD LOGIN