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Panama Papers and Offshore Accounts: Window of Opportunity to Make a Voluntary Disclosure Closing

By Ryan Morris | WeirFoulds LLP | MAY 11, 2016
Canadian residents are required to report worldwide income. Furthermore, Canadian residents are generally required to annually file a special information return for any year that they held, at any time in that year, "specified foreign property" that had a cost exceeding $100,000. A failure to report such income or file any such return makes the Canadian resident liable to significant penalties (for which interest accrues daily) and potentially open to criminal prosecution.
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