A Federal Court judge has ordered two Canadian banks to disclose their dealings with a financial institution in the tax haven of Cayman Islands. Documents showed how the woman transferred money from the Cayman Islands, through Cayman National Bank’s account at a Canadian branch of Citibank, N.A., to a Canadian bank account in her name. While there were few prosecutions of offshore tax cheats under the previous Conservative government, in its first budget last spring the Liberal government announced $444 million over five years to beef up the CRA’s investigation of offshore tax cheats. “It’s part of a resurgence in the investigation and prosecution of offshore tax evasion,” said tax lawyer Joseph Markson. now have 120 days to hand over all transaction information for accounts held by Cayman National Bank Ltd. between 2009 and 2015.

Source: thestar July 27, 2016 09:56 UTC