CRA recently announced that they’ve received information from the government of France about HSBC account holders.  Since receiving the information, CRA has continued to analyze the account data to ensure that the Canadian account holders are reporting all their income for tax purposes.
Exchanging information with foreign countries is one of the ways CRA searches for unreported income in Canada.  Remember that Canadian residents are obligated to report income earned worldwide on their Canadian income tax return.
Canada has income tax agreements with many countries around the world in order to eliminate situations resulting in double-taxation.  It’s important to consult these agreements when reporting income from a foreign country.
If you earn income from a foreign country and are unsure of the tax treatment in Canada, contact us today.
For further information on the current CRA project on HSBC accounts, read the full media release here http://www.cra-arc.gc.ca/nwsrm/rlss/2010/m09/nr100930-eng.html

CRA recently announced that they’ve received information from the government of France about HSBC account holders.  Since receiving the information, CRA has continued to analyze the account data to ensure that the Canadian account holders are reporting all their income for tax purposes.
Exchanging information with foreign countries is one of the ways CRA searches for unreported income in Canada.  Remember that Canadian residents are obligated to report income earned worldwide on their Canadian income tax return.
Canada has income tax agreements with many countries around the world in order to eliminate situations resulting in double-taxation.  It’s important to consult these agreements when reporting income from a foreign country.
If you earn income from a foreign country and are unsure of the tax treatment in Canada, contact us today.
For further information on the current CRA project on HSBC accounts, read the full media release here http://www.cra-arc.gc.ca/nwsrm/rlss/2010/m09/nr100930-eng.html