New Economic Action Plan to Track Down Tax Evasion at International Level

Online, July 1, 2013 (Newswire.com) - The Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, Honorable, Gail Shea has announced an Economic Action Plan 2013. This launch is for strengthening the Foreign Income Verification Statement (Form T 1135) so that the atrocities of aggressive tax avoidance and international tax evasion can be cracked.

Minister Shea discussed the tax issues related to international tax evasion and the way to combat aggressive tax avoidance with the Certified General Accountants Association of Canada (CGA-Canada) members.

New Measures to Combat Tax Evasion
Minister Shea said, "The government is trying hard to combat the tax evasion problem and will be strict with the tax cheats". The new measures are introduced for strengthening the ability of the Canada Revenue Agency to investigate and audit the taxpayers suspected of hiding property offshore. The system will require stronger reporting methods so that the secret and hidden information can be cracked down and the cheaters can be brought in front of the CRA system.

Improvements and Changes in the Form T 1135
Counting from the taxation year of 2013, the citizens of Canada holding property offshore worth more than $100, 000 will be entitled to give more information to the CRA. Although the basic criteria for the filing of Foreign Income Verification Statement are not changed, there are some new revisions introduced in the form. These revisions require the Canadian taxpayers to furnish detailed information on offshore property and assets.

The Requirements Are:
• Specify the name of the institution in the foreign country holding funds
• Specify the country's name to which the property belongs, and
• Specify the income generated through this foreign property.

This additional information will be used by the CRA to ensure that the taxpayers pay all the tax according to the Canadian tax laws. For this, the CRA is to carry out various activities like audit and education. If an individual fails to report the income from any of the sources-domestic or foreign, it is, considered illegal and CRA zealously pursues such non-compliance cases. Aggressive tax avoidance and tax evasion can make a taxpayer face additional taxes, penalties, and interest.

All these measures have been built on the commitments recently made by Stephen Harper, the Prime Minister of Canada at the G-8 Lough Erne Summit held in Northern Ireland. The Economic Action Plan 2013 on Transparency of trusts and corporations and the G-8 declaration will be executed with high transparency level for sure.

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