The Offshore Tax Informant Program (OTIP) was originally
announced in January 2014 under the name Stop International Tax
Evasion program. It's a reward program that allows the CRA to
give financial awards to individuals who provide specific details
related to major international tax evasion which lead to the
assessment and collection of more than $100,000 of additional
federal tax (excluding penalties and interest). The award is a
variable amount of between 5% to 15% of the federal income tax
collected. The CRA Offshore Compliance Division administers the
Offshore Tax Informant Program including contacting informants,
completing screening and risk assessments, referring cases for tax
enforcement action, and paying out the awards amounts. In the
2014-2015 CRA Annual Report to Parliament that was submitted in
January 2016 statistics about the OTIP were released. Because OTIP
is new, CRA stated that activities during the period focused on
public awareness of OTIP, and on developing policies, procedures,
and strategies. CRA also finalized the processes for establishing
the eligibility of tipsters. As of March 31, 2015, the program had
received 1,920 calls. CRA identified 522 of those calls as coming
from potential informants. Of those potential informants, 201
followed up with written submissions to CRA and 110 tax cases are
actively under review. Our experienced Toronto tax attorneys can
assist you if you have unreported offshore income or assts, or if
you know of someone who does and need tax help with the Offshore
Tax Informant Program.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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