Enough Said! Be warned if you have

News release
OTTAWA, ONTARIO, August 3, 2006 -- Officials of the Canada
Revenue Agency (CRA) and the United States Internal Revenue
Service (IRS) today announced significant progress in unravelling
an abusive cross-border tax scheme. This effort stems from leads
and information first developed by the Joint International Tax
Shelter Information Centre (JITSIC).
The scheme involves hundreds of taxpayers and tens of millions of
dollars in improper deductions and unreported income from
retirement account withdrawals. Canadian and U.S. promoters have
been marketing the scheme on both sides of the border to
individual investors, ranging from middle to high-income
Leaders of the CRA and IRS said the collaborative effort reflects
the progress being taken by JITSIC in the complex task of
tracking international tax schemes and shelters involving
individuals and corporations.
CRA Commissioner Michel Dorais said, "Tax administrations in many
parts of the world are working together to detect and shut down
abusive tax schemes. Promoters who believe they can play one
country against another in developing tax schemes should beware."
"The real time exchange of information, including the identities
of promoters and hundreds of investors has been critical to this
investigation," said IRS Commissioner Mark W. Everson. "JITSIC is
emerging as an important part of efforts to combat abusive
Under the scheme, investors purchased what appear to be
high-yield offshore investments through offshore corporations and
foreign bank accounts. Typically, investors make these purchases
using cash or proceeds from withdrawals, allegedly tax free, of
retirement funds (RRSPs in Canada, IRAs in the U.S.). Investors
also make purchases through using tax refunds improperly
generated by alleged losses claimed for natural resource industry
CRA and IRS agents continue to identify promoters, participants
and entities involved in the scheme. Promoters and participants
engaged in abusive schemes have routinely been subjected to
strict enforcement action by both tax administrations.
JITSIC was established in 2004 by the tax administrations of four
countries, Australia, Canada, the United Kingdom and the United
States, to supplement the ongoing work of the Australian Taxation
Office, Canada Revenue Agency, Her Majesty's Revenue and Customs,
and the Internal Revenue Service in identifying and curbing
abusive tax schemes. Delegates from each of the four countries
work together in Washington, DC.
For a follow up definition (by the CRA) of the difference between
tax avoidance and tax evasion, see:
For an example of the prosecution by the IRS of a Vancouver
resident, see the New York times articles at:
Jerome Schneider turned over 1,000 of his clients and the lawyers
and accountants who helped over to the IRS as part of a plea
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 10 PM 7 days a week  Vancouver (LA)
time -  (please do not fax or phone outside of those hours as
this is a home office)
email to taxman at centa.com
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed
information or consultation and is to be regarded only as general
comment.   Nothing in this message is or should be construed as
advice in any particular circumstances. No contract exists
between the reader and the author and any and all non-contractual
duties are expressly denied. All readers should obtain formal
advice from a competent and appropriately qualified legal
practitioner or tax specialist for expert help, assistance,
preparation, or consultation  in connection with personal or
business affairs such as at www.centa.com. If you forward this
message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
David Ingram gives expert income tax & immigration help to
non-resident Americans & Canadians from New York to California to
Saudi Arabia to Mexico to China or Chile - Cross border, dual
citizen - out of country investments are all handled with
competence & authority.
Alaska,  Alabama,  Arkansas,  Arizona,
California,  Colorado, Connecticut,
Delaware, District of Columbia,  Florida,
Garland, Georgia,  Hawaii,  Idaho,  Illinois,
Indiana,  Iowa,  Kansas,  Kentucky,
Louisiana,  Maine,  Maryland,
Massachusetts, Michigan, Minnesota,
Mississippi,  Missouri,  Montana,  Nebraska,
Nevada, New Hampshire,  New Jersey,
New Mexico, New York, North Carolina,
North Dakota,  Ohio,  Oklahoma,  Oregon.
Pennsylvania,  Rhode Island,  Rockwall,
South Carolina, South Dakota, Tennessee,
Texas,  Utah, Vermont,  Virginia,
West Virginia, Wisconsin, Wyoming,
British Columbia, Alberta, Saskatchewan,
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and Dallas Houston Rockwall Garland
Texas  Taxman and Tax Guru  and wizzard
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ingram, experts on rentals mutual funds RRSP RESP IRA 401(K) &
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 David Ingram expert income tax help and preparation of US Canada
Mexico non-resident and cross border returns with rental dividend
wages self-employed and royalty foreign tax credits
This from "ask an income tax and immigration expert" from
www.centa.com or www.jurock.com or www.featureweb.com. David
Ingram deals on a daily basis with expatriate tax returns with:
multi jurisdictional cross and trans border expatriate problems
for the United States, Canada, Mexico, Great Britain, United
Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan,
China, New Zealand, France, Germany, Spain, Italy, Russia,
Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland,
Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India,
Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba,
Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands,
US, UK, GB, and any of the 43 states with state tax returns, etc.
Rockwall, Dallas, San Antonio Houston
Denmark, Finland, Sweden Norway Bulgaria Croatia Income Tax and
Immigration Tips, Income Tax  Immigration Wizard Antarctica
Rwanda Guru  Consultant Specialist Section 216(4) 216(1) NR6 NR-6
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expatriate anti money laundering money seasoning FINTRAC E677
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Grand Cayman Aruba Zimbabwe South Africa Namibia help USA US
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