Potential Pitfalls of the CRA Offshore Tax Informant Program
February 6, 2014
The Canada Revenue Agency has launched a new program aimed at targeting international tax evasion and aggressive tax avoidance by Canadian citizens. The Offshore Tax Informant Program (“OTIP”) is a hotline that will allow persons to provide information related to major international tax non-compliance to the CRA. If the tip leads to the collection of taxes owing, the informant will receive a reward of 5 – 15% of the tax collected.