Thursday, 19 July 2018

DioBLOG

The Panama Papers Part Two : Will the CRA prosecute offshore account holders?

The fallout from the Panama Papers continues to cast ever widening ripples across the Canadian financial community. The Canada Revenue Agency has disclosed that it had independently started 40 audits related to clients of Panamanian law firm Mossack Fonseca before the Panama Papers.  On May 9, 2016, RBC acceeded to demands from the Canada Revenue Agency and provided the files of its Panama Papers clients. Other banks may soon be forced to follow suit. 

Taxpayers across Canada are calling on the federal goverment to end what is widely perceived as special tax treatment for the powerful and wealthy who can afford to hire armies of professionals to create "legal" structures to shelter their money from the greedy grasp of the Taxman, while the rest of us foot the bill for the costs of maintaining the infrastrcuture that makes Canada one of the most desirable places to live in the world. 

Where does it go from here? Will the Canada Revenue Agency audit and prosecute the people on the Panama Papers list? Will the federal government close the tax loopholes that condone what is now considered legal tax avoidance? Will the rich and politically influential ever pay their fair share of tax?

Paul DioGuardi discusses the Panama Papers and the issue of legal tax avoidance with radio host John Oakley on AM 640 Radio. Listen here.

Is your name on the Panama Papers list? Are you afraid of a CRA audit of your offshore accounts? Talk to Paul DioGuardi. Call DioGuardi Tax Law at 1-877-4-DIOTAX to schedule and appointment with Paul. Or visit www.dioguardi.ca and use the easy online form to request an appointment time.

 

 


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