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Ottawa, January 9, 2014
2014-002

Government of Canada Invites Comments on Draft Legislative Proposals to Require Reporting of International Electronic Funds Transfers to the Canada Revenue Agency

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The Government today released for public comment draft legislative proposals that would strengthen the capacity of the Canada Revenue Agency (CRA) to combat international tax evasion and to address international aggressive tax avoidance.

Economic Action Plan 2013 proposed that certain financial intermediaries be required to report to the CRA international electronic funds transfers of $10,000 or more. Reporting will be required beginning in 2015.

Detailed draft legislative proposals and accompanying explanatory notes in respect of the Income Tax Act, the Excise Tax Act, the Excise Act, 2001 and the Air Travellers Security Charge Act are attached.

Comments on the proposals can be submitted to the Department of Finance at IEFT-TI@fin.gc.ca or to the address below. The closing date for comments is February 10, 2014.

Tax Policy Branch
Department of Finance
140 O’Connor Street
Ottawa, Ontario
K1A 0G5

For further information, media may contact:

Marie Prentice
Press Secretary
Office of the Minister of Finance
613-996-7861

Jack Aubry
Media Relations
Department of Finance
613-996-8080

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