In the wake of the Panama Papers investigation, federal anti-money laundering agency Fintrac slapped an unnamed Canadian bank with a $1.1-million penalty for failing to report a suspicious transaction and various money transfers. Fintrac hopes the move sends a "strong message" to individuals attempting to short the country's coffers. How's that, exactly?
The Liberals' primary planned revenue generator is the increased tax rate for Canadians in the upper income tax bracket but it's coupled with a one-and-a-half percent cut for middle income earners. They originally claimed that these measures taken together would add $3 billion to the federal coffers. However, they're already backing away from that rosy prediction.
Under the FATCA rules, financial institutions are obligated to provide the IRS with information about accounts and holdings of U.S. citizens. Basically, the IRS is trying to make sure you are not hiding money overseas though Canada is hardly a tax haven. But there is more to this overreaching legislation that just tracking down deadbeat U.S. citizens.
VANCOUVER - The lines are now open to snitch on tax cheats. The federal Conservatives launched the hotline Wednesday, saying
OTTAWA - The unregulated couriers, paramedics and drivers who work on contract for big resource firms have become the Canada
Tax arbitrage, or moving operations and tax liabilities to low-cost jurisdictions, has been a game played by rich people and multinationals for years. But the game is ending finally. This will have implications in terms of government revenues to pay for social services but will also have a negative impact on the profits and share prices of giants such as Google, Amazon and virtually every multinational that's a household name.
OTTAWA - The federal government is bringing in new rules to monitor people who may be hiding property offshore. Revenue Minister
The G8 summit next week could not have come at a better time for Prime Minister Harper, giving him respite from the Senate circus and allowing him to generate photo ops with the Queen and the world's big shots. But challenges await him there too.
Canada's tax compliance rate is currently about average for OECD countries, but it could erode if the government does not do more to make taxes fairer and go after tax cheats more aggressively. Given the size of the tax-haven problem, it is a false economy to be cutting back on CRA capacity.
Only 44 Canadians have been convicted of offences related to offshore tax havens since the Harper government came to power