Money Laundering is illegal. Watch how just recently a former Royal Bank of Canada Execitive in Barbods was caught on tape giving advice to an undercover businessman how to open a paper company in Barbados and transfer money from Canada in the offshore account. CRA is getting more strict than ever on money landering cases, unreported foreign income and property. Under Canadian Income Tax rules any foreign income must be reported in Canadian taxes unless there is a tax empt treaty with the foreign country. There is also a requirement to report foreign property over 100K failing to do so there are sever penalties imposed by CRA. Not reporting foreign income and property has always been a problem but now it is being exposed and penalized heavily by CRA. Foreign Income and Foreign property is a complicated area and we can help you comply with the rules most tax effectively.
Posted on: Sat, 09 Nov 2013 19:04:09 +0000
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