Names of 350 Canadians with offshore companies and offshore accounts were revealed as part of the Panama Papers tax haven data leak. The leaks also exposed the Royal Bank of Canada as having used Panamanian law firm Mossack Fonseca to set up offshore structures for its clients. CRA will doubtless force the Royal Bank to reveal details of its clients who have set up offshore companies. Canadian taxpayers caught up in the tax haven leaks can benefit from the CRA voluntary disclosure program to avoid the tax evasion prosecution promised by National Revenue Minister Diane Lebouthillier. In order to benefit from the CRA tax amnesty program the voluntary disclosure must be submitted before CRA starts an investigation of those taxpayers. Once CRA has initiated the income tax audit or tax investigation it will be too late to submit the voluntary disclosure application. Our top Toronto tax lawyers should be consulted for tax help before CRA commences its tax investigation. Read more
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