The Government of Canada released draft legislative proposals to require the reporting of international electronic funds transfers to the Canada Revenue Agency (“CRA”). The proposals would strengthen the capacity of the CRA to action against international tax evasion and to address international aggressive tax avoidance. The Government invites public comment on the draft legislative proposals until February 10, 2014.
A copy of the legislative proposals relating to the reporting of international electronic funds transfer can be found on the Department of Finance website here.
All comments on the proposals can be submitted to the Department of Finance at IEFT-TI@fin.gc.ca.
For more information on the proposals visit the government website here.