$500M recouped worldwide from tax cheats due to Panama Papers — but none of it in Canada

Sen. Percy Downe says 'there's a level of transparency totally lacking' in the
CRA's handling of how it deals with offshore tax cheating.

A dozen governments around the world say they've recovered a combined $500 million in unpaid taxes so far thanks to the Panama Papers leak of tax-haven financial records in 2016.

But not a penny of that is destined for Canadian government coffers. The Canada Revenue Agency maintains it will be at least another 2½ years before it will have an idea of how much it might recoup.

The stark contrast is fuelling criticism of the CRA's effectiveness at catching offshore tax cheats, and comes in the wake of a CBC investigation last month that found few, if any, of the criminal convictions the agency cites in defence of its record actually have anything to do with offshore tax evasion.

"It's a further indication of the lackadaisical attitude of our revenue agency," said Sen. Percy Downe, a member of the Senate Liberal caucus, who for years has lambasted the CRA's approach to ferreting out offshore tax cheats.  (more...)

$500M recouped worldwide from tax cheats due to Panama Papers — but none of it in Canada

Background:

Ottawa claims it will reap $25 billion from tax cheats. That’s wishful thinking.