Canada Revenue Agency officials are "actively pursuing" the leaked Panama Papers with the names of some 350 Canadians who may have stashed cash overseas — but completed audits are likely years away, fraught with legal hurdles and delay tactics by the wealthy. In the past, the CRA offered amnesty to multi-millionaire clients caught using what's been called an offshore tax "sham" on the Isle of Man.The clients simply had to agree to pay their back taxes and modest interest on these offshore investments, which they had failed to report on their income tax returns. Critics have demanded a public inquiry.
Sounds like those Canadians named in the Panama papers will be shaking in their boots...
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