With the release of the Panama Papers, some may be questioning what the leak entails and what it means for Canadians.
Kat Green from Humber News spoke with Colin Campbell, a tax law professor from Western University about the CRA’s responsibility on the 350 Canadians mentioned in the Panama Papers.
“Canada generally would have no right to go directly to a foreign financial institution and obtain information about its clients whether they are Canadian or otherwise, “ said Campbell.
“However, Canada through its network of over 90 bilateral tax treaties does have the right to ask those jurisdictions to use their power to obtain information from institutions or individuals within those countries and provide it to CRA for the purpose of their investigation of Canadian taxpayers.”
Humber News broke down what the Panama Papers mean, and how it may affect Canadians in the chart below.