Mondaq Canada: Wealth Management > Offshore Banking
TaxChambers LLP
The Canada Revenue Agency (the "CRA") has launched roughly 100 audits into taxpayers named in the Paradise Papers offshore tax leak, according to documents tabled in Parliament.
Norton Rose Fulbright Canada LLP
The April 2016 "Panama Papers" leak highlighted the attraction for transnational actors of the confidentiality available in certain offshore financial centres.
TaxChambers LLP
The CRS which stands for Common Reporting Standards is in essence an automatic annual financial information exchange tool for tax authorities.
Rotfleisch & Samulovitch P.C.
In what is becoming a familiar headline, the Washington-based International Consortium of Investigative Journalists has announced another leak of offshore tax haven information.
Gowling WLG
Canada is now implementing a new international standard for the automatic exchange of financial account information between tax administrations referred to as the common reporting standard.
Dentons
At a recent STEP conference roundtable, the CRA stated that, from January 2014 to April 2016, the CRA had received 2,984 calls (812 of which were from potential informants) and 333 written submissions.
Borden Ladner Gervais LLP
Most are not impacted and read them out of curiosity. However, for some Canadian residents, there may be cause for concern, but also, a solution.
WeirFoulds LLP
Canadian residents are generally required to annually file a special information return for any year that they held, at any time in that year, "specified foreign property" that had a cost exceeding $100,000.
Miller Thomson LLP
In the weeks to come, we can expect to read and hear plenty more about this mammoth data dump of over 11.5 million documents.
Rotfleisch & Samulovitch P.C.
Names of 350 Canadians with offshore companies and offshore accounts were revealed as part of the Panama Papers tax haven data leak.
Rotfleisch & Samulovitch P.C.
As headlines are talking about an unprecedented leak of secret papers and data involving murky and even illegal offshore financial transactions, governments across the world began investigating possible financial wrongdoing...
Rotfleisch & Samulovitch P.C.
Canada and Switzerland have entered into an agreement which will commence in 2018 for the automatic exchange of information.
Moodys Gartner Tax Law LLP
Since 2012, US citizens living in Canada (and elsewhere outside the US) have had two options to address income tax non-compliance issues.
WeirFoulds LLP
The Foreign Account Tax Compliance Act was enacted by the United States Congress in order to deal with non-compliance by US taxpayers using foreign bank accounts.
Collins Barrow National Incorporated
On July 1, 2014, a Canada/U.S. intergovernmental agreement (IA) came into effect requiring financial institutions in Canada to begin identifying "U.S. person" account holders (for example, U.S. citizens and U.S. residents) for the purposes of disclosing specific information to the U.S. Internal Revenue Service.
Fuller Landau
Since the global economic crash of 2008, the Internal Revenue Service (IRS) in the U.S. has been trying to find other ways to generate income and much needed revenue.
DLA Piper
To date, Canada’s response to the ongoing conflict in the Ukraine has been the imposition of sanctions on Pro-Russian elements of the former Ukrainian government and Eastern Ukrainian separatist factions linked to Moscow.
Moodys Gartner Tax Law LLP
On June 18, 2014, the IRS announced significant changes to its current offshore voluntary disclosure programs to ease the tax compliance burden for both residents and nonresidents of the United States who are not compliant with their US tax filing obligations.
Stikeman Elliott LLP
The long awaited instructions for Form W-8BEN-E were finally posted on the IRS website on June 24, 2014.
Grant Thornton
The Foreign Account Tax Compliance Act (FATCA), enacted by the US Congress in 2010, becomes operational on July 1, 2014.
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