Reports are suggesting Canada needs to step up its game to root out tax cheats. Some recommendations include having the Canada Revenue Agency strengthen its whistleblower program and improve co-ordination between itself and the Department of Justice in the investigation and prosecution of cases.
In an interview with Investment Executive, Ivey's Mitchell Stein suggests increasing global concern about tax non-compliance, particularly in light of high-profile events such as the release of the so-called Panama Papers in April, is driving much of the push toward tax transparency and information sharing.
"Canada, like many countries around the world, is attempting to take greater action to obtain the necessary information to figure out where people have money and property in various jurisdictions. And countries themselves are looking for money in the form of tax revenue too," he said.
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