Tax Information Exchange Agreement Signed Between Canada and Bermuda
June 14, 2010
A tax information exchange agreement between the Government of Canada and the Government of Bermuda under Entrustment from the Government of the United Kingdom of Great Britain and Northern Ireland was signed on June 14, 2010. The Agreement shall enter into force on the thirtieth day after the later notice by which each of the Parties has notified the other in writing of its completion of the necessary procedures for the entry into force of the Agreement.
Consistent with Canada's international efforts to promote transparency and effective exchange of tax information, the Agreement provides for the mutual exchange of tax information that is possessed by, or accessible to, the taxation authorities of either jurisdiction (in the case of Canada, the Canada Revenue Agency), in order to better administer and enforce taxation laws and to prevent international fiscal evasion. The Agreement is based on the Organisation for Economic Cooperation and Development's internationally agreed standard on exchange of tax information.
Departmental contact:
Paul Huynh
Tax Legislation Division
Phone: (613) 995-2980