KPMG claims it has been 'cleared' by CRA probe of offshore tax scheme

·1 min read
Beachgoers walk along a tidal causeway in the town of Peel on the Isle of Man on Monday, March 26, 2012. (Raphael Satter/The Associated Press - image credit)
Beachgoers walk along a tidal causeway in the town of Peel on the Isle of Man on Monday, March 26, 2012. (Raphael Satter/The Associated Press - image credit)

The accounting firm KPMG claims it has been "cleared of any wrongdoing" by a months-long Canada Revenue Agency criminal probe into an offshore tax scheme that allowed wealthy Canadians to receive tax-free funds.

"KPMG fully and voluntarily cooperated with a thorough investigation. The investigation concluded and KPMG was cleared of any wrongdoing," KPMG spokesperson Tenille Kennedy said in a brief email on Tuesday.

The firm was responding for the first time to requests for comment from Radio-Canada, which reported Tuesday that the CRA investigation into this file had been completed for more than a year and that its conclusions had not been made public.

According to a series of reports published by CBC and Radio-Canada since 2015, KPMG set up a system through which wealthy Canadians transferred assets to the Isle of Man tax haven and then recovered the funds tax-free.

The CRA had argued in court documents that this scheme was created in 1999 to "deceive" tax authorities.

More to come ...

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