Tax

Canadian Tax Authorities Crackdown on Fictitious Investments

Stephen Harris 31 March 2008

Canadian Tax Authorities Crackdown on Fictitious Investments

The Canada Revenue Agency has begun a crackdown on tax evasion schemes such as the use of fictitious Registered Retirement Savings Plans and over 300 investigators have been executing search warrants in 50 separate locations across the western region of the country. "The CRA is taking substantive action against promoters and others who lure Canadians into tax evasion schemes," said CRA Commissioner William Baker. The Canadian tax authority is urging Canadians to be cautious and to check the legitimacy of RRSP funds and other investment opportunities before investing. "Canadians should know that they are responsible for taxes and interest owed on taxes evaded, even if a promoter indicates otherwise," said Mr Baker.

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