According to this article in the Toronto Star:
How offshore banking is costing Canada billions of dollars a year
“Currently, Canadians have declared $199 billion in offshore tax haven investments around the world, according to Statistics Canada.But experts say that figure is a small fraction of the Canadian offshore wealth that goes undeclared.
The precise annual cost to Canadian tax coffers is unknowable. But credible estimates peg Canada’s tax losses to offshore havens at between $6 billion and $7.8 billion each year.
Tax avoidance — the legal movement of wealth to offshore bank accounts in order to minimize tax burdens — is a grey area. But there is a much darker element….”
Read the full article here: http://www.thestar.com/news/world/2016/04/04/how-offshore-tax-havens-are-costing-canada-billions-of-dollars-a-year.html
If you have unreported offshore income, Milot Law can help you become CRA compliant. Call Milot Law, Tax Lawyers in Toronto
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