ARTICLE · 18 MARCH 2019

Paradise Papers, New VDP Not Government's Panacea In 2019

KPK Law LLP

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The Canada Revenue Agency (the "CRA") has launched roughly 100 audits into taxpayers named in the Paradise Papers offshore tax leak, according to documents tabled in Parliament.

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TaxChambers LLP

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The Canada Revenue Agency (the "CRA") has launched roughly 100 audits into taxpayers named in the Paradise Papers offshore tax leak, according to documents tabled in Parliament. Although the CRA has identified 3,000 people or corporations with "links" to the Paradise Papers database (the "Database" or "Paradise Papers"), only 100 Canadian persons have been identified for audit. The CRA reports that none named in the Database are referred for criminal prosecution for tax evasion, and as of yet, no revenue has been recouped.

In 2017, the Toronto Star and CBC-Radio Canada reported that 3,300 Canadians were named in the Database, a collection of financial documents leaked to the German newspaper Süddeutsche Zeitung and shared with the International Consortium of Investigative Journalists.

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