Tax on Offshore Cash

According to a CRA spokesperson, more than $33 million in undeclared income has been uncovered from Swiss bank accounts. Of that amount, almost $1 million of that undeclared income was earned in HSBC accounts that were recently brought to the attention of the CRA. The balance of the undeclared income was earned in accounts with Swiss bank UBS.

Given that the CRA was given information on thousands of accounts very recently, it is likely that this is just the tip of the iceberg. However, given the volume of accounts that CRA was given, it is unlikely that they are currently ready to pursue Canadian taxpayers. Therefore, the voluntary disclosure option should still be available for any Canadian account-holders.