Ottawa unveils crackdown on offshore tax dodgers; targets $2.6B in missing taxes

Click to play video: 'Can the Canada Revenue Agency crack down on tax evaders?'
Can the Canada Revenue Agency crack down on tax evaders?
WATCH: In the wake of the so-called Panama Papers leak, the Canada Revenue Agency promises to crack down on tax cheaters. But as Jacques Bourbeau reports, the feds don't have as strong a record on catching tax evaders as you might think – Apr 11, 2016

OTTAWA – The Canada Revenue Agency says heightened efforts to fight tax evasion and tax avoidance will recoup $2.6 billion over the next five years.

The agency is detailing how it will use a $444-million government commitment over five years to help improve detection, auditing and prosecution of tax cheaters.

READ MORE: Law firm regularly used name of Red Cross to hide money

It says it will review all foreign electronic fund transfers over $10,000 involving the Isle of Man.

In addition, it will examine electronic fund transfers in as many as three other unspecified jurisdictions this year.

The agency also says it will open a special program to stop organizations that create and promote tax schemes for the wealthy.

Story continues below advertisement

The details of the plan follow media reports on the so-called Panama Papers, a leak of 11.5 million records from a Panamanian law firm which shed light on international efforts to use offshore tax havens.

Sponsored content