Canada's tax agency is hiring 100 more auditors and targeting four jurisdictions, including the Isle of Man, to crack down on tax cheats.
Minister of National Revenue Diane Lebouthillier announced Monday the strategy will root out high-risk wealthy Canadians and corporations the stash cash in offshore accounts to avoid taxes.
The federal government is spending $444 million on the new measures.
While most Canadians pay their fair share, some of the wealthiest individuals and companies "buy their way out" of paying taxes," Lebouthillier said.
"This is not acceptable, and this situation must change," she told a news conference in Ottawa.
Since January, the Canada Revenue Agency has been collecting information on all transfers of international funds over $10,000. Lebouthillier said at least 100 more auditors and experts will target high-risk, multi-national corporations.
The Canada Revenue Agency is gearing up to crack down harder on tax cheats. (Sean Kilpatrick/Canadian Press)
Existing measures have been achieving "convincing results," collecting more than $11 billion in taxes, penalties and interest in 2015-16, but more must be done, she said.
Isle of Man targeted
The government is also appointing an independent advisory committee to be chaired by Colin Campbell, a law professor at Western University. That panel will review CRA's settlement, voluntary disclosure, and criminal referral policies.
Lebouthillier said success in fighting tax evasion will rely on co-ordination with foreign countries.
A government official confirmed the Isle of Man is one of four jurisdictions which will be targeted for audits. He said the others will not be revealed to keep taxpayers "guessing."
The goal will be to move from a financial recovery model to deterrence.
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