Canada Revenue Agency announces measures to counter international tax evasion and aggressive tax avoidance [TAX ALERT]

July 26, 2013

On 8 May 2013, National Revenue Minister Gail Shea announced a number of measures aimed at addressing international tax evasion and avoidance.

Most of these measures were included in Canada’s 21 March 2013 federal budget.1 A new measure is the creation of a Canada Revenue Agency (CRA) unit to target international tax evasion and avoidance.

In related developments, on 1 May 2013, the Standing Committee on Finance submitted a report to the House of Commons, Tax Evasion and the Use of Tax Havens, and on 9 May 2013 the tax administrations of the US, the UK and Australia announced a plan to share tax information involving trusts and companies holding assets on behalf of taxpayers in various lowtax jurisdictions throughout the world.

This Tax Alert summarizes these developments.

Further details are available from the Ernst & Young Tax Alert which can be accessed using the link below:

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