capricorn Posted November 6, 2010 Report Posted November 6, 2010 Yep, but in the end just warning them that it's a crime to hide funds abroad in different accounts really accomplishes nothing, which is why it would be prudent to tie SIN numbers to foreign accounts. There has been at least one case where a bank resisted divulging the names of foreign account holders. Some banks have even cited privacy concerns to protect the identity of their clients. http://www.financialpost.com/related/topics/Canada+Revenue+push+banks+evasion+probe/2340100/story.html The upcoming review of the financial institutions legislation may well address the taxation non-compliance that has been uncovered with the current investigations of foreign accounts. The Honourable Jim Flaherty, Minister of Finance, today launched the scheduled review of legislation governing federally regulated financial institutions.“The Government reviews the statutes that govern federally regulated financial institutions every five years to ensure Canada remains a global leader in financial services,” said Minister Flaherty. “This practice sets Canada apart from almost every other country in the world.” Federally regulated financial institutions include domestic and foreign banks, trust and loan companies, insurance companies, federal credit unions and cooperative credit associations. The commitment to keeping the legislation current ensures the stability and growth of the financial services sector. The last legislative review was completed in 2007. The sunset date for the financial institutions statutes is April 20, 2012. Minister Flaherty pointed out that the global financial crisis that began in 2007 has led to extensive changes in the regulatory framework, so the current exercise is not likely to lead to major reforms. “Some fine-tuning to the system may be required, but wholesale change is not necessary,” he said. “The Government would like to hear the views of all Canadians on how to improve our financial system.” http://www.fin.gc.ca/n10/10-083-eng.asp I doubt major changes would be required to ensure these accounts are audited by CRA. Quote "We always want the best man to win an election. Unfortunately, he never runs." Will Rogers
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.