Canada Revenue Agency - Press Release

Launch of Electronic Funds Transfer Initiative

Harper Government cracks down on international tax evasion and aggressive tax avoidance with launch of Electronic Funds Transfer Initiative

The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, announced the launch of the Canada Revenue Agency’s (CRA) Electronic Funds Transfer (EFT) initiative, introduced in Economic Action Plan 2013 as one of several new measures to crack down on international tax evasion and aggressive tax avoidance.

Effective January 1, 2015, certain financial intermediaries, including banks, have to report to the CRA incoming and outgoing international EFTs of $10,000 or more. These reports will allow the CRA to better identify higher risk taxpayers and files and, in turn, more effectively identify taxpayers who participate in international aggressive tax avoidance and attempt to conceal income and assets offshore.

To read the full press release from the Canada Revenue Agency, click here.