Federal revenue minister Gail Shea says the British government has agreed to hand over information on Canadians that may be hiding assets offshore.
Earlier this year, it was revealed that a group known as the International Consortium of Investigative Journalists uncovered extensive data on people in various countries, including Canada, that may be hiding assets overseas as part of an investigation into offshore tax havens. The government has called on the group to hand over the data, and Shea said that, “Canada has been working tirelessly” to obtain this information from other sources.
Now, Shea says that the United States, Australia and the United Kingdom have announced they have “tax-related information involving numerous trusts and companies holding assets on behalf of residents in jurisdictions around the world.” And, she reports that the UK government has agreed to share “information relevant to Canada stemming from this data”.
The revenue ministry has also made formal requests to the American and Australian tax administrations for the information in their possession, she added.
“This is good news for hard-working, law-abiding Canadians who pay their fair share and very bad news for tax evaders in this country – and indeed around the world,” she said, adding that Canada now has over 90 tax treaties and 16 tax information exchange agreements that allow for tax information to be shared. “This makes it increasingly possible for Canada to access information from jurisdictions around the world,” she said.
“Canada is determined to maintain these fruitful partnerships and to continue to be a world leader in the fight against international tax evasion and aggressive tax avoidance,” she said.
Indeed, earlier this week, the federal government announced new measures to combat international tax evasion and aggressive tax avoidance, including a $30 million investment in this area, and the creation of a team at the Canada Revenue Agency (CRA) dedicated to international compliance issues and revenue collection.