The next two years will see an expansion of the Canada Revenue Agency’s efforts to review international funds transfers (EFTs), which means many taxpayers can expect to see an “EFT letter” next year, according to a recent PricewaterhouseCoopers LLP (PwC) Tax Insights brief.
The CRA initiative builds on efforts by the agency that since the beginning of 2015 have required financial intermediaries to report international EFTs of $10,000 or more to the agency. But while the fishing net may be widening, businesses that do things by the book shouldn’t worry, according to Montreal-based PwC partner Marc Vanasse.
“It’s business as usual for those who are reporting to government on fund transfers,” he said.