Cross Border Issues: Tax Evaders Beware

Private sector economists have revised down their outlooks for U.S. real GDP growth significantly since Budget 2011. Private sector economists expect growth of 1.6 percent for 2011 and 2.0 percent in 2012, down from 3.1 percent growth expected in both years in the budget

In Europe, recent economic indicators, in particular indexes of manufacturing and service activity, suggest that the Euro zone may already be in recession.

Meanwhile, Canada has signed an updated international agreement to combat cross-border tax evasion at the November 3 meeting of the G20 leaders to enhance information sharing. Said Minister Flaherty, "A secure tax base contributes significantly to a sound economy, which is more important than ever in these challenging economic times.î

Tax evaders, beware.

Additional Educational Resources: The Knowledge Bureau has added an update to its Cross-border Taxation course to cover the new US Tax Filing Requirements and Business Services Specialists Designation