Launched as part of the Canada Revenue Agency's (CRA)
efforts to fight international tax evasion and aggressive tax
avoidance, the new Offshore Tax Informant Program (OTIP) allows the
CRA to make financial awards to individuals who provide information
related to major international tax non-compliance that leads to the
collection of taxes owing ...
... To be eligible under the OTIP, individuals must provide
the CRA with specific and credible details of major international
tax non-compliance that lead to additional taxes being assessed and
collected. When program requirements are met, the CRA may enter
into a contract with the individual that could lead to an award if
the potential additional assessment of federal tax, excluding
interest and penalties, is more than $100,000.
Any individual, no matter where they are in the world, is
eligible to participate as an informant, subject to certain
At a recent STEP conference roundtable, the CRA stated that,
from January 2014 to April 2016, the CRA had received 2,984 calls
(812 of which were from potential informants) and 333 written
submissions. The CRA also said that it has entered into over a
dozen contracts with informants.
The CRA's report on the volume of OTIP calls and the recent
media focus on the Panama Papers are reminders for any
non-compliant Canadian taxpayers that they may wish to consider
contacting a tax professional and using the Voluntary Disclosure Program to correct any
non-compliance regarding offshore assets and/or unreported
Dentons is the world's first polycentric global law firm. A
top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm
is committed to challenging the status quo in delivering consistent
and uncompromising quality and value in new and inventive ways.
Driven to provide clients a competitive edge, and connected to the
communities where its clients want to do business, Dentons knows
that understanding local cultures is crucial to successfully
completing a deal, resolving a dispute or solving a business
challenge. Now the world's largest law firm, Dentons'
global team builds agile, tailored solutions to meet the local,
national and global needs of private and public clients of any size
in more than 125 locations serving 50-plus countries.
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. Specific Questions relating to
this article should be addressed directly to the author.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
On Thursday, September 22, 2016, Dentons hosted a panel discussion about the management of liabilities and risks associated with environmental crises, including potential liabilities for directors and officers and provided insight into risk and liability techniques associated with environmental crisis management.
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).