CRA May Sue UBS
According to a report in the January 7, 2009 edition of the Toronto Star, Canada is in the process of negotiating with Swiss Bank UBS regarding information about accounts held by Canadian taxpayers. According to the Minister of National Revenue Jean-Pierre Blackburn, Canada is prepared to sue UBS to acquire the information if the negotiations fail.
In the summer of 2009, the US government successfully received a court order which forced UBS to disclose information regarding US account-holders. As a result of the court order, the IRS has collected many millions of dollars of tax revenue from income earned through Swiss bank accounts. The success of the IRS has clearly emboldened the Canadian Revenue Agency in its efforts to combat tax evasion.
Originally posted on www.piccololaw.ca, used with permission.
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