Madam Speaker, I also look forward to working with my hon. colleague, and I would like to thank him for giving me this opportunity to address this very important subject.
Most Canadians pay their fair share of taxes, but there are some wealthy individuals who buy their way out of paying their share by using aggressive tax avoidance schemes. This is why, as members may already know, our government's action on offshore tax evasion and aggressive tax avoidance has been quite decisive since we announced an unprecedented investment of $444 million for the Canada Revenue Agency in budget 2016.
Our government and the CRA have taken actions on several fronts to reflect a more proactive approach on tax cheats. Using intelligence gathered through a variety of tools, the CRA has developed a robust system to tackle tax fraud and aggressive tax avoidance. We are seeing the results. By increasing the number of auditors for promoters and large multinational corporations, we now have more people, tools, and technology at our disposal than ever before. This year's audit activities are on pace to raise assessments of over $13 billion this fiscal year alone.
Even if offshore tax evasion has become more and more complex, the agency is working very hard and is getting results by implementing new tools and refining those already at our disposal. Furthermore, we continue to build on our ability to collect and share information with our international partners to crack down on tax cheats that place an unfair burden on the tax system.
As my hon. colleague is fully aware, the CRA has been tracking international electronic fund transfers of over $10,000. So far, because of these efforts, a total of 41,000 transactions have been analyzed, equalling over $12 billion in funds being transferred to offshore jurisdictions. The CRA plans to expand its efforts this year by reviewing over 100,000 transactions between Canada and four additional jurisdictions of concern.
With respect to offshore-related files, the CRA is currently conducting audits on over 820 taxpayers and criminally investigating over 20 cases of tax evasion. Over the last five years, the work of the CRA's criminal investigations directorate resulted in the conviction of 42 Canadian taxpayers for tax evasion, of over $34 million in evaded taxes and court fines of $12 million, as well as 734 months of jail time for fraud. Over the same period, total domestic and offshore related criminal convictions have resulted in 508 convictions involving approximately $120 million in evaded federal taxes, leading up to $40 million in court fines, and a number of months of jail time.
Our government is increasing its efforts and seeing signs of success. Thanks to concrete actions on several fronts, the CRA is on track to identifying an additional $2.6 billion in revenue over the next five years. I do not see that as preferential treatment for fraudsters, but rather protecting Canadian taxpayers who work very hard to pay their fair share of taxes.
This is a commitment that we made to Canadians. This is what Canadians expect us to do, and this is exactly what we will do.