CRA responds to allegations it is soft on off-shore tax evasion or aggressive tax avoidance

Perhaps in response to today’s stories in the Press (see “Canada Revenue offered amnesty to wealthy KPMG clients in offshore tax 'sham': Federal authorities demanded secrecy in no-penalty, no-prosecution deal to high net worth Canadians,”) CRA issued a Press Release today indicating inter alia:

• It is actively pursuing the KPMG case referenced in the press including auditing and reassessing those clients identified to date and taking “legal action to obtain the identities of all remaining KPMG LLP clients who have not been identified to date.”
• CRA will pursue penalties or prosecution against tax professionals who “who offer, assist or create opportunities for clients to participate in offshore tax evasion… to the fullest extent possible, based on the law and the facts of each case.”
• “Early dispute resolution [i.e., settlement], where appropriate, is in the public interest.”

Neal Armstrong. Summary of 8 March 2016 CRA Press Release under s. 152(1).