CRA wants tougher rules for tax-cheat amnesty program

CRA wants tougher rules for tax-cheat amnesty program

Postby Oscar » Sun Jun 25, 2017 6:05 pm

CRA wants tougher rules for tax-cheat amnesty program

[ http://www.cbc.ca/news/politics/canada- ... -1.4173727 ]

Critics say tighter rules are welcome, but should be even tougher for tax-haven abusers

By Dean Beeby, Senior reporter, Parliamentary Bureau CBC News Posted: Jun 25, 2017 5:00 AM ET| Last Updated: Jun 25, 2017 5:00 AM ET

(PHOTO: The Bahamas Financial Centre in Nassau is one of many offshore tax havens sought out by the rich. The Canada Revenue Agency is planning to toughen an amnesty program it offers to investors who want to come clean about their tax cheating. (Robert King/Getty)

Dean Beeby is a CBC journalist, author and specialist in freedom-of-information laws. Follow him on Twitter: @DeanBeeby

The Canada Revenue Agency is tightening its amnesty program for tax cheats, including a proposed rule that could expose more of the shady advisers who set up dodgy tax schemes to help clients hide their money.

The revamped regime for the voluntary disclosures program was released earlier this month, after MPs, critics and some tax specialists complained the current rules are too soft on crafty and repeat offenders.

The proposed rules, to come into effect Jan. 1, also require applicants to pay their taxes due immediately on entering the amnesty program, and would treat more harshly any sophisticated investors who cleverly worked to keep their assets secret from the taxman.

The changes, outlined in a June 9 circular, are out for a 60-day public consultation before becoming final in the fall.

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