Newly filed court records reveal the agency wants to see account records associated with Bank Hapoalim to determine whether Canadians are hiding income or assets. OTTAWA—The Canada Revenue Agency is seeking information from three Canadian banks about customer transactions linked to a major Israeli financial institution as part of a federal crackdown on offshore tax evaders. Like many foreign banks, Bank Hapoalim has correspondent accounts in Canada to conduct Canadian dollar transactions on behalf of its customers, the revenue agency says. Through one audit, the agency became aware of a Canadian taxpayer who maintained bank and investment accounts for over 10 years at Bank Hapoalim in U.S., Canadian and Israeli currencies, Henderson says. Other dealings involved Canadians moving funds from the bank in Israel to accounts in Canada or other Bank Hapoalim branches internationally.

Source: thestar November 13, 2017 20:26 UTC