Finance Minister Bill Morneau says the government is considering legislation aimed at tax evaders that would give foreign authorities some access to Canadians’ confidential information.
Speaking in Toronto at the Canadian Club this morning, he stressed the proposal is aimed at cracking down on international money laundering and terrorism financing.
Morneau did not detail how the government will ensure the privacy of Canadians is not infringed on, but says it is committed to making sure it is respectful of all Canadians’ freedoms and rights.
The government snuck mention of the legislation into a supplementary document attached to the budget released this week.
Morneau says Canada already has a few mutual legal assistance international agreements that set reporting standards and help the country understand how Canadians move their money to other countries.
He says the agreements have stemmed from concerns that some companies put their profits in countries offering low taxes and their revenues in places with higher taxes to reduce their tax implications.