04/11/2016 11:37 EDT

Canada Revenue Agency's Tax Crackdown Expected To Bring In $2.6 Billion

CRA plans to stop businesses that offer tax schemes for the wealthy.

OTTAWA — The Canada Revenue Agency says heightened efforts to fight tax evasion and tax avoidance will recoup $2.6 billion over the next five years.

The agency is detailing how it will use a $444-million government commitment over five years to help improve detection, auditing and prosecution of tax cheaters.

Read more: Liberals' Tax-Evasion Crackdown Expected To Have A Big Payoff

It says it will review all foreign electronic fund transfers over $10,000 involving the Isle of Man.

In addition, it will examine electronic fund transfers in as many as three other unspecified jurisdictions this year.

The agency also says it will open a special program to stop organizations that create and promote tax schemes for the wealthy.

The details of the plan follow media reports on the so-called Panama Papers, a leak of 11.5 million records from a Panamanian law firm which shed light on international efforts to use offshore tax havens.

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