Canadians in Panama Papers shouldn’t expect a tax deal, CRA says …

Canadians implicated in the Panama Papers shouldn’t expect any leniency from the tax man at this point, the Canada Revenue Agency says.

Since the massive leak of account information was made public in May, many Canadians have been named in the story of Panamanian law firm Mossack Fonseca and its role in setting up foreign corporations designed to help people hide money offshore.

The CRA has been sifting through the information looking for tax evasion, and said in a statement Monday that those efforts have ensnared a few thousand files now being pursued by the tax agency.

“Over 2,000 files are being reviewed and 85 taxpayers are currently under audit,” said Chloé Luciani-Girouard, press secretary for Revenue Minister Diane Lebouthillier.

Ordinarily, the tax agency has a Voluntary Disclosure Program (VDP) that allows Canadians to fess up about offshore holdings before the tax man sniffs them out. Anyone

... read more at: http://www.cbc.ca/news/business/cra-panama-papers-1.3778888

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