Category Archives: Tax Fraud

The problems with unreported foreign income for Canadians

Owning foreign property is not a bad thing here in Canada. The problem will only arise if there is a property that the Canada Revenue Agency does not know about and there is problem of unreported foreign income. There is an automatic penalty on a taxpayer that fails to file returns of their overseas property » Read More

The Difference between Tax Evasion and Income tax Fraud?

There is a significant difference between the concept of income tax evasion and that of an income tax fraud. A comparison can be done by drawing a parallel to the Government of Switzerland and its tax treaty with the United States of America. For example, the Swiss Government will shield its largest bank from the » Read More

The Civil Consequences of Tax Evasion Canada

People have to think a thousand times before pleading guilty to tax evasion Canada because of the civil consequences they may have to face. It is a general case that tax evasion Canada is followed up by criminal charges and it is accompanied with a civil assessment or the reassessment of taxes. The CRA will be keen to get » Read More

The Threat of Tax Fraud in Canada

One of the most overlooked threats that is facing the financial institutions and the CRA in Canada is the threat of a tax fraud caused by identity theft. An interesting study has been done which has revealed that a significant portion of the income tax fraud in Canada has been linked to identity theft. The » Read More

The Tax Evasion Canada Program with Whistle Blower Rewards

The 2013 CRA budget announces the CRA’s initiative to encourage Canadians to provide relevant information identifying tax evasion especially for international tax evasion. The latest changes in the `Stop International Tax Evasion Canada Program will enable the CRA to reward those individuals who have knowledge of major cases in tax non-compliance on an international level. The » Read More

How does the CRA draw a line between Negligence and a Tax Fraud?

Tax fraud has been commonly defined as an intentional violation of a legal duty. The general case of tax fraud takes place when a taxpayer files a deliberate false return. CRA will decide on how it will draw a line between a tax fraud such as cheating on your tax returns and filing them negligently. » Read More