Canada to Follow US with UBS

August 27, 2009 International Tax CooperationOffshore BankingTaxation in CanadaTaxation in Switzerland  No comments

The Canadian Revenue Agency have announced that they will enter into discussion with Swiss bank UBS in regards to possible tax evasion information.

Following swiftly upon news that the US Government and UBS had reached a settlement in their offshore account tax evasion dispute, the Canadian Revenue Agency (CRA) has announced that they too will engage in discussions with UBS in regards to divulging information about Canadian national tax evaders.

On the 21st of August it was announced by Jean-Pierre Blackburn, Canadian National Revenue Minister, that the Canadian Government will approach UBS in an effort to uncover information about Canadians using offshore accounts with UBS to evade their tax liability. The meetings have been scheduled for the 2nd of September. According to Jean-Pierre Blackburn, Canada will pursue this information through legal action if UBS is unwilling to cooperate. Further comments indicated that Jean-Pierre Blackburn will be petitioning Jim Flaherty, Canadian Finance Minister, to allow an alteration of Canadian law which would create easier legal pathways for the pursuit of such information.

According to the Canadian Revenue Agency there have been seven Canadian nationals who have come forward with information about their offshore accounts during the legal action between the US and UBS. Caitlin Workman, a spokeswoman for the CRA, has stated that Canada will bring to the discussion two specific cases of Canadians using UBS for tax evasion through offshore accounts, although no further details on the perpetrators was given.

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