Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Wednesday, June 26, 2013

Tax Havens: Government Announces New Rules To Monitor Cheats

OTTAWA - The federal government is bringing in new rules to monitor people who may be hiding property offshore.

Revenue Minister Gail Shea says a tougher foreign income verification statement will help fight tax cheating.

Starting with the 2013 taxation year, Canadians who hold foreign property worth $100,000 or more will be required to provide additional, detailed information to the Canada Revenue Agency.

Holders of foreign properties will have to provide the name of the institution that controls the overseas funds, the country to which the property relates and the income generated from the property.

The revenue agency will use the new information to ensure compliance with tax laws.

Shea says the information will help the taxman track cheaters.

"Our government is committed to combating tax evasion and getting tough on tax cheats," she said.

The Certified General Accountants Association of Canada welcomed Shea's announcement.

"We are pleased to see the government taking action on this important issue," said Carole Presseault, the association's vice-president of government and regulatory affairs.

"Increased reporting requirements of large offshore assets will help to ensure that all Canadians are operating on a level playing field when it comes to their taxes."

Original Article
Source: huffingtonpost.ca
Author: CP

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