I was told that offshore accounts of any size are reporting under CRS. But this perhaps is not the real story. A Japanese guy told me that in Japan and account has to be over $1 million USD before they have to worry. If a guy has $5,000 in an offshore account and made $100 in interest surely he will be of no concern to his home country. Does anyone have any knowledge on this topic. I am interested in Canada.
at what point do governments take action on CRS.
- Thread starter RexS9999
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Each country will react differently to CRS data they receive. For example UAE, Bahamas etc will throw it in the bin. UK, Germany or France will clobber you.
Countries like Canada I imagine will give priority to investigating the big whales and low handing fruit first before they get to the sardines. They may take years to get to the small fish depending on resources they have available.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
Countries like Canada I imagine will give priority to investigating the big whales and low handing fruit first before they get to the sardines. They may take years to get to the small fish depending on resources they have available.
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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.
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