Timeline: the OECD’s and CRA’s new tools to uncover offshore assets and bank accounts
Canadian Tax Insights
November 9, 2015
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.