OTTAWA — The Canada Revenue Agency says it won’t hesitate to investigate new evidence of offshore tax evasion in the wake of a second massive leak of tax haven financial records. The agency said it’s invested $1 billion to tackle the problem and currently has more than 990 audits and more than 42 criminal investigations underway related to offshore tax havens. And last year, it levied more than $44 million in penalties on tax advisers who facilitated non-compliance with Canadian tax laws. The agency said it’s also working closely with 36 other countries in the Joint International Taskforce on Shared Intelligence and Collaboration on more effective ways to detect and deal with tax evasion and avoidance. Evidently anticipating Sunday’s release of the Paradise Papers, the CRA promised to do more should new details of questionable practices emerge.

Source: National Post November 06, 2017 01:30 UTC