‘Come to CRA before we go to you’: International deal designed to expose offshore tax cheats

Canadians with secret overseas bank accounts could soon find themselves at risk of being exposed by a new international agreement designed to help catch tax cheats.

Under the Common Reporting Standard, dozens of countries will share information about bank accounts held by non-residents.

Beginning in September 2018, the information will be sent to the Canada Revenue Agency (CRA), which in return, will send information about Canadian bank accounts belonging to non-residents to their home countries.

According to an update provided to G20 leaders earlier this month, 101 countries have signed on to the agreement. Canada has so far worked out information-sharing details with 42 countries.

Lisa Anawati, deputy assistant commissioner of CRA’s international, large business and investigations branch, said the deal will help the agency find those who have been using bank accounts outside

... read more at: http://www.cbc.ca/news/politics/tax-evasion-banks-cra-1.4209208