Canada requires banks to report large international electronic funds transfers to tax authority

The Canadian government on January 7 announced that launch of the Canada Revenue Agency’s (CRA) Electronic Funds Transfer (EFT) initiative, which effective January 1, requires financial intermediaries, including banks, to report to the CRA incoming and outgoing international EFTs of $10,000 or more. The measure is designed to help the CRA identify taxpayers that participate in international aggressive tax avoidance and that attempt to conceal income and assets offshore.

See:

• Release