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Timeline: the OECD’s and CRA’s new tools to uncover offshore assets and bank accounts

The Organisation for Economic Co-operation and Development’s (the “OECD”) Tax Evasion Initiatives will grant tax authorities automatic access to offshore financial information without any judicial oversight. The AEoI, along with the Canada Revenue Agency’s (“CRA”) new audit powers, will allow the CRA to target Canadian taxpayers that are non-compliant or evading tax. The Timeline lists the important agreements, events, and legislation that underpin the CRA’s new access to offshore bank accounts and other assets.

The Timeline supplements our recent article, How the CRA will uncover your offshore assets & what you should do about it.