The following statement was released by the CRA related to recent media coverage of a list of Canadians with assets offshore.
The CRA is consulting other jurisdictions and is working to obtain the information referred to in the media today. The CRA will review all information it receives and aggressively pursue all suspected cases of tax avoidance and evasion.
Combating international tax evasion is essential to maintaining the integrity of the tax system. The CRA would like to take this opportunity to assure Canadians that we are working diligently to identify, prevent, and take action on any credible information that is provided to us.
When income and assets are hidden in foreign jurisdictions, all Canadians suffer as a result of tax evasion.
Failure to report income from domestic or foreign sources is illegal, and Canadians should know that the CRA actively pursues cases of non-compliance. Tax evasion and avoidance can lead to penalties, interest, fines, and even jail time.
Canadians should come forward if they have information on suspected cases of tax avoidance or evasion through our Informant Leads Program, either by phone at 1-866-809-6841 or over the Internet at www.cra.gc.ca/leads.
Canadians should also take this opportunity, if necessary, to correct their own tax affairs through the use of the Voluntary Disclosure Program (www.cra.gc.ca/voluntarydisclosures).”