January 22, 2016

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Recently, the CRA started a new program called the Offshore Tax Informant Program (OTIP) that offers rewards to anyone who provides detailed information about Canadians hiding money or assets offshore and not paying taxes on what is owed.

These measures were set up to find individuals who may not be reporting the entirety of their worldwide income to the CRA, whether that be investing money or holding accounts offshore, as they place an unfair burden on those who do pay their taxes. The rewards can be anywhere between 5% and 15% of the amount of federal tax collected.

For more information about OTIP read the full CRA article here.

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