"A few of the small fish, sometimes they are called suckers, may be discovered through this new information-sharing program, but there are just a whole bunch of loopholes so anybody, any crook, who doesn't want his or her identity revealed, can usually find a way to do so." "The general feeling out there in the industry is that very few of the big fish will be caught," he said. While many governments are lauding the Common Reporting Standard's potential for fighting tax evasion, experts like Queen's University law professor Arthur Cockfield aren't convinced it will be effective. One country refusing to participate, however, is the United States, which already receives information about bank accounts held by American citizens through its Foreign Account Tax Compliance Act (FATCA) and other intergovernmental agreements, including one with Canada. ![]() Lisa Anawati of the Canada Revenue Agency says the government has no idea how many secret bank accounts Canadians have around the world. "We will be able to use that to piece together with other information that we already have and get a better understanding as to whether that taxpayer or those taxpayers involved are reporting their taxes appropriately." Lisa Anawati, deputy assistant commissioner of CRA's international, large business and investigations branch, said the deal will help the agency find those who have been using bank accounts outside Canada to avoid or evade taxes. Deal that sends Canadian bank records to IRS is 'illegal,' lawyer tells U.S.Canada's weak laws hobble identification of tax dodgers.Canada has so far worked out information-sharing details with 42 countries. Under the Common Reporting Standard, dozens of countries will share information about bank accounts held by non-residents.īeginning in September 2018, the information will be sent to the Canada Revenue Agency (CRA), which in return, will send information about Canadian bank accounts belonging to non-residents to their home countries.Īccording to an update provided to G20 leaders earlier this month, 101 countries have signed on to the agreement. Canadians with secret overseas bank accounts could soon find themselves at risk of being exposed by a new international agreement designed to help catch tax cheats.
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