The Canadian fallout from the massive Panama Papers tax haven leak is starting. In the wake of the leak the Minister of National Revenue The Honourable Diane Lebouthillier announced that CRA would investigate all Canadian names revealed. CRA has announced that it has already commenced 85 tax audits of Canadian taxpayers and has executed search warrants in a number of the 85 cases under tax audit, with more search warrant raids still being planned. A total of 2,586 files have been identified for review by CRA which states that a number of them could still be referred for tax audit. CRA indicates that the taxpayers identified in those files will not qualify for the CRA voluntary disclosure program (VDP or tax amnesty) to avoid tax evasion prosecution and eliminate civil tax penalties. CRA is not necessarily correct in this assertion. If you have unreported offshore income or undisclosed offshore assets and CRA has not yet started an audit contact our Toronto tax law firm to determine if you may qualify for the CRA voluntary disclosure program.