The federal government talks tough on overseas tax evasion, saying it is a high priority and it will catch you if you cheat. But the Canada Revenue Agency (CRA) has a terrible track record of collecting from Canadians hiding their money overseas. It’s not catching, charging or convicting tax cheats the way other countries are able to.
Why the federal government allows this state of affairs to continue year after year remains a mystery.
But the CRA has a history of making false or misleading statements about its efforts, and its latest move seems designed to further block progress.
Recently, on the third anniversary of the release of the Panama Papers, we learned that other countries have recovered more than $1.2 billion in fines and back taxes:
- Australia has recouped $92 million.
- Spain is counting $164 million in its coffers.
- The United Kingdom has recovered $252 million.
- Even Iceland, with a population of roughly