Stop International Tax Evasion Program

One of the items proposed in yesterdays budget by The Honourable Jim Flaherty, Minister of Finance, is to launch the Stop International Tax Evasion Program under which it will pay rewards of up to 15% of the federal tax collected to individuals with knowledge of major international tax non-compliance when they provide information to the Canada Revenue Agency (CRA) that leads to the collection of outstanding federal taxes in excess of $100,000.

To be eligible, the individual cannot have been convicted of the tax evasion about which they have information, and all reward payments will be subject to income tax. Details on the program will be announced at a later date.

Voluntary Disclosure Program

Perhaps its a good time for some of these evaders to come clean with the voluntary disclosure program before their “friends” start reporting them.   If you would like to do a voluntary disclosure please contact me I can be reached at (416) 398-1700 or through my contact form.