Numbers released by Statistics Canada reveal that Canadian businesses are increasingly moving to pull their funds from tax havens. The move marks the end of a five-year period in which Canadian businesses had billions stashed in the 10 most popular tax havens, which are defined as low-tax or no-tax countries.
The Canadian Revenue Agency (CRA) confirmed its investigations into dozens of Canadians for possible tax evasion linked to the now infamous Panama Papers leak. The investigations, confirmed in November of last year, reportedly involve 85 Canadian citizens.
Canadians who have been somehow implicated in the Panama Papers leaked earlier this year shouldn’t expect leniency, the Canada Revenue Agency (CRA) said.