Example of an OTIP submission: Simon reports clients hiding money in a tax haven

Simon lives in a country known to be a tax haven.

Because of his career in financial planning, he held information about many Canadian individuals and companies with accounts in an offshore bank. He chose to submit this information to the Offshore Tax Informant Program (OTIP) to help the Canada Revenue Agency (CRA) combat international tax non-compliance. He is eligible for a reward as a non-resident informant.

Simon gave specific information to the OTIP on over 50 Canadian account holders. He provided enough detail, including the name and location of the bank, to help the CRA clearly identify the individuals and companies and the amount of money in their offshore accounts.           

This information helped the CRA audit 25 people for possible aggressive offshore tax avoidance and as a result assessed the individuals and companies involved for large amounts of unreported income. They now owe significant taxes, penalties and interest.

The money collected will help the Government of Canada pay for public services such as health care, education and infrastructure.

If you have information similar to Simon’s or other information about major international tax non-compliance, you could receive a financial reward. To find out if you are eligible go to Report offshore tax cheating – Eligibility.

Disclaimer: This example is based on a fictitious submission.
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