Royal Bank ordered to reveal who's behind 97 offshore accounts
In May, a judge granted the federal government's request for an order for Royal Bank and its RBC Dominion Securities subsidiary to provide any information that would help the CRA identify the owners of the 97 Bahamas corporations. The bank did not oppose the government.
It's not inherently illegal for Canadians to have an offshore account or company, but any assets over $100,000 and any income have to be reported for tax purposes.that the Bahamas Leaks revealed that three Canadian banks had provided services to nearly 2,000 offshore companies in the Bahamas since 1990.
Royal Bank didn't answer questions from CBC News about the Bahamas corporations, but did provide a statement saying that in general, it has "high standards and an extensive due diligence process to detect and prevent any illegal activity occurring through RBC." Toby Sanger of Canadians for Tax Fairness says the Bahamas is a notoriously secretive jurisdiction where people often route money in order to keep hidden.
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