CRA wants tougher rules for tax-cheat amnesty program

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The Canada Revenue Agency is tightening its amnesty program for tax cheats, including a proposed rule that could expose more of the shady advisers who set up dodgy tax schemes to help clients hide their money.

The revamped regime for the voluntary disclosures program was released earlier this month, after MPs, critics and some tax specialists complained the current rules are too soft on crafty and repeat offenders.

The proposed rules, to come into effect Jan. 1, also require applicants to pay their taxes due immediately on entering the amnesty program, and would treat more harshly any sophisticated investors who cleverly worked to keep their assets secret from the taxman.

Read more at CBC News

This article is summarized by Canadian Fraud News Inc.