Revenue Canada amnesty nets thousands
Last Updated: Tuesday, November 17, 2009 | 6:12 PM ET
CBC News
Related
Eighty-four Canadian tax evaders who were clients of Swiss bank UBS have come forward to settle their tax debts, the Canadian Revenue Agency told CBC News Tuesday.
UBS agreed earlier this year to disclose the names of people believed to be hiding income.
Swiss bank UBS agreed earlier this year to disclose the names of thousands of people believed to be hiding income offshore. (Martin Ruetschi/Associated Press) Forty-one of the Canadian clients have settled with the agency for taxes owing on a total of $15.2 million in previously unreported income.
Canada has a program of voluntary disclosure where taxpayers pay tax owing and interest. Under that program, 2,535 Canadians have disclosed offshore income in the last seven months. Of these, 1,432 files have been fully processed so far, identifying $542.3 million in unreported income.
The U.S. Internal Revenue Service also announced Tuesday that more than 14,700 U.S. tax evaders had come forward to settle their tax debts under an amnesty that expired Oct. 15.
They held offshore accounts in 70 foreign countries, IRS commissioner Doug Shulman said, amounting to tax proceeds of billions of dollars.
The voluntary disclosure program follows a U.S. crackdown on offshore tax havens.
Share Tools
Top News Headlines
- Greece passes new austerity deal amid rioting
- Greek lawmakers have approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled nation from bankruptcy, after riots in Athens and other cities left stores looted and burned and more than 120 people hurt. more »
- Quebec town 'heartbroken' after killing of woman, sisters
- A small Quebec town is in mourning Sunday after a Quebec man was charged with killing his nieces and his mother, who were found dead in their family home. more »
- Houston autopsy results withheld by police
- Whitney Houston was found in a hotel bathtub but it'll take weeks to determine precisely how she died, a Los Angeles coroner's official says. more »
- Musicians who died before their time
- The growing list of musicians who have died young. more »
Latest Business Headlines
- Air Canada reaches tentative deal with dispatchers
- Air Canada has reached a tentative collective agreement with the Canadian Airline Dispatchers Association, representing the airline's 74 flight dispatchers. more »
- Old Age Security untouched until 2020, Flaherty says
- Finance Minister Jim Flaherty says Canadians should expect no changes to Old Age Security benefits before 2020 or 2025, and details about reform would be outlined over more than one budget. more »
- CAW questions Caterpillar takeover of Electro-Motive
- The head of the Canadian Auto Workers is suggesting Caterpillar Inc. may not have followed foreign takeover rules in its 2010 purchase of the London, Ont., locomotive plant it has since shut down. more »
- Canada's trade surplus doubles in December
- Statistics Canada says exports rose 4.5 per cent in December and imports edged up 0.8 per cent, pushing the country's trade surplus with the rest of the world to $2.7 billion from $1.2 billion in November. more »
Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 12389.42 | -108.52 |
| DOW | 12801.23 | -89.23 |
| NASDAQ | 2903.88 | -23.35 |
| SP 500 | 1342.64 | -9.31 |
| NYSE COMPOSITE | 7992.05 | -89.2 |
| AMEX | 2417.98 | -18.65 |
| TSX-VENTURE | 1653.55 | -11.27 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
Business Features
- Adele wins best album, best record Grammys
- Houston autopsy results withheld by police
- Quebec town 'heartbroken' after killing of woman, sisters
- Greece passes new austerity deal amid rioting
- Manitoba man dies after falling off moving SUV
- Northern lights viewed from space
- Doors blocked in fatal Manitoba trailer blaze
- Pop queen Whitney Houston dies at 48
- Former Stanley Park petting zoo goats feared slaughtered

