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CRA’s been cracking down on Canadians hiding assets offshore, and its efforts are paying off. Over the past year, thousands have used the Voluntary Disclosure Program to fess up, reports Bloomberg. Clients of UBS make up a significant portion of this group.

Read: U.S. probe into Swiss accounts reads like spy thriller

“Almost 6,000 taxpayers came forward in the past 12 months…to report hidden assets, up from 1,200 in 2006,” the Bloomberg report explains. “UBS has more of these clients than any other bank, with about 800 customers reporting hidden assets worth about C$218 million ($199 million), said Philippe Brideau, a spokesman for the country’s national tax collector.”

Read more here.

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Originally published on Advisor.ca

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