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Tax Views: Light shone on offshore trusts should be a red flag to lawyers and accountants | Vern Krishna

Friday, November 17, 2017 @ 10:52 AM | By Vern Krishna

The release of 13 million documents in the so-called “Paradise Papers” has put offshore trusts in the limelight once again. Regardless of their legality and utility, the very mention of the word “offshore” conjures up images of secrecy, and improper tax evasion by high net worth individuals, trusts and multinational corporations, with calls for more money by the Canada Revenue Agency to conduct more audits in exotic jurisdictions.

To be sure, trusts are always somewhat secret. However, in theory, Canadian tax law pertaining to offshore entities...