CRA accuses KPMG of offshore tax scheme

CRA has accused accounting firm KPMG of devising an elaborate offshore tax avoidance scheme that enabled at least one wealthy Canadian family to pay no tax on millions of dollars of investments, reports CBC.

Read: Tax preparer extradited to Canada for fraud

The scheme involved gifting funds to and from shell companies in the Isle of Man, which sits between England and Ireland. The CBC report says, “KPMG would take a 15% cut of the taxes dodged.”

The matter is currently before the courts.

Read more here.

Also read:

Canadian families spend more on taxes than necessities

CRA has new tools to fight tax evasion

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.