Swiss bank accounts and other offshore bank accounts : Tax tips

 

Don’t hide your Offshore bank accounts from CRA

The Canada Revenue Agency (the Canadian income tax agency, "CRA") has announced that it is approaching Swiss banks for information about Canadian offshore bank account holders. Owners of offshore accounts can avoid prosecution and penalties and often obtain an interest reduction by making a voluntary disclosure (tax amnesty application).

CRA is identifying Canadians with Swiss bank accounts; avoid prosecution with voluntary disclosure if you have unreported offshore income.

Bradley Birkenfeld, a former Swiss banker with UBS AG is thought to be co-operating with the Canada Revenue Agency to help identify Canadians with Swiss bank accounts who may not have reported offshore income. A voluntary disclosure (tax amnesty application) can avoid prosecution in those cases.

Avoid prosecution and penalties if you have undisclosed offshore bank account with UBS or any Swiss bank

If you have an offshore bank account with UBS or any Swiss bank or in any other country and have not declared your income you can avoid prosecution and penalties and often obtain an interest reduction by making a voluntary disclosure (tax amnesty application).

CRA has your Offshore Bank Accounts details!

The Canada Revenue Agency (the Canadian income tax department, "CRA") has received details of Canadians with bank accounts in the United Kingdom including England and Northern Ireland and is investigating to see if those Canadians have declared their interest income. Canadians who have not reported their offshore income may still be eligible for the voluntary disclosure program (tax amnesty or VDP) to avoid prosecution and penalties.