Madam Speaker, I have had discussions with my colleague about the Panama Papers, tax evasion, and international tax avoidance on several occasions. This evening, I am pleased to once again talk about some of the measures that the Liberal government is taking to combat tax evasion and international tax avoidance.
First, we began by making a significant investment of $444 million to enable the Canada Revenue Agency to do more to combat international tax evasion and aggressive tax avoidance. That is the promise that we made to the middle class and that is what we are doing.
Canada has the opportunity to detect, audit, and prosecute tax evaders within the country and abroad. Our government continues to work to combat this phenomenon and maintain a fair taxation system for Canadians.
With regard to my hon. colleague's comments on the Liechtenstein list, I would like to reiterate the facts. After examining this list, the Office of the Auditor General indicated that the Canada Revenue Agency had used the information from that list correctly. In the report that he tabled in the spring of 2014, the Auditor General also confirmed that the CRA had the tools it needed to detect, correct, and deter non-compliance among taxpayers who engage in aggressive tax planning and that it was using those tools effectively.
Our government took measures regarding the names divulged in the Panama Papers and made them a top priority. The CRA is examining over 2,600 cases related to the Panama Papers and has identified 85 high-risk taxpayers so far.
In addition to the work related to the Panama Papers, the CRA is also currently conducting 750 audits and 20 criminal investigations focused on individuals who own property abroad. The CRA was able to do this because of the many effective tools it uses to collect intelligence, including information from international money transfers, the offshore tax informant program, treaty partners, and the analysis of data received from other intelligence sources.
The additional investigations launched since April have uncovered 20,000 transactions between Canadian taxpayers and three foreign tax administrations, totalling $7 billion. The Agency has started contacting these taxpayers, and investigations are under way.
In closing, I can say that, starting now, the Agency will be targeting four other tax administrations and financial institutions a year, without giving notice, to ensure that the tax system remains a fair and equitable system.