KLCA CHARTERED PROFESSIONAL ACCOUNTANTS
KLCA CHARTERED PROFESSIONAL ACCOUNTANTS
Dec 3, 2020
Recent Additional Measures to Combat International Tax Evasion and Aggressive Tax Avoidance In the Fall Economic Statement 2020, the government proposes an additional $606 million over 5 years, starting in 2021-22, to allow the CRA to fund new initiatives and extend existing programs targeting international tax evasion and aggressive tax avoidance. Specifically, the CRA will hire additional offshore-focused auditors to focus on individuals who avoid taxes by hiding income and assets offshore, enhance the audit function targeting higher-risk tax filings, including those of high-net worth individuals, and strengthen its ability to fight tax crimes such as money laundering and terrorist financing by upgrading tools and increasing international cooperation.