Tax cheats beware: Tories launch snitch hotline and offer monetary rewards | iNFOnews | Thompson-Okanagan's News Source

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Tax cheats beware: Tories launch snitch hotline and offer monetary rewards

Conservative MP Kerry-Lynne Findlay rises during question period in the House of Commons in Ottawa on October 31, 2012. THE CANADIAN PRESS/Adrian Wyld
January 15, 2014 - 1:01 PM

VANCOUVER - The lines are now open to report tax cheats.

The federal Conservatives are following through on a budget promise to set up the snitch hotline.

People who report major international tax evasion over $100,000 can get a share of the money recovered.

But they can't get anything if they've been convicted for being part of the tax-dodge scheme.

Revenue Minister Kerry-Lynne Findlay says $30 million will be spent over five years to improve efforts to fight tax evasion at home and abroad.

The Harper Tories are eager to collect all the taxes they`re owed as they grapple with balancing the books.

Cracking down on tax dodgers was one of the marquee items in the last federal budget, aimed at bringing in hundreds of millions of lost tax dollars.

"Our government is committed to combating international tax evasion and aggressive tax avoidance as part of its work to protect the important resources that Canadians can count on," Findlay said in a release.

"Hiding income and assets in foreign jurisdictions to avoid taxes is a serious issue that undermines the integrity and fairness of Canada's tax system."

Canadians are required by law to report any offshore holdings worth more than $100,000 to the Canada Revenue Agency.

The Tories plan to toughen up those rules so that any international electronic funds transfers over $10,000 would have to be disclosed.

News from © The Canadian Press, 2014
The Canadian Press

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