Investigators from the Canada Revenue Agency (CRA) conducted searches in different parts of the country for a criminal investigation into tax evasion related to the Panama Papers.
Accompanied by federal police officers, some 30 RCAF investigators took part in operations in Calgary and the Toronto and Vancouver areas.
The ongoing criminal investigation “has allowed targeting a series of transactions involving foreign companies and several transfers using offshore bank accounts that would have been used for tax evasion purposes,” says a statement from CRA.
The investigation is related to the leaked data from the Panamanian law firm and Mossack Fonseca corporate service provider, made public in the Panama Papers.
Canada Revenue Agency
This is the first time that the Revenue Agency has revealed elements of its investigations into the Panama Papers, the major leak of confidential documents unveiled by many media around the world, including the CBC, in April 2016.
The CRA did not specify who the individuals, companies or places are targeted by the searches.
So far, a dozen countries have recovered up to $ 500 million in unpaid taxes following the revelations of the Panama Papers. But the Canadian government has not recovered any money.
In August 2017, Radio-Canada announced that Revenu Québec had triggered 272 tax audits in the wake of the revelations of the Panama Papers.
The Canada Revenue Agency is currently conducting about 40 investigations into international tax evasion, which could have cost the state billions of dollars. Some of these ongoing investigations are also related to the Panama Papers.