CRA deploys new weapons against tax evasion: Freezing assets, seizing property
Canada Revenue Agency will be implementing a new weapon to get suspected tax evaders to pay their portion of the tax bill. The CRA will now be utilizing proceeds-of-crime provisions in the law to seize assets of suspected tax evaders. Previously, the proceeds-of-crime provisions were only used for cases of money laundering or terrorism. This new tool is designed to frighten offending parties – the CRA also indicated it plans to go after overseas assets in such cases.
“I can say that this is indeed the first time, but I can promise you that this is not the last time that we [will use] those provisions of the Criminal Code to restrain or seize assets that tax evaders have acquired through their illegal behaviours.”