Liberal government to review Canadian names in Paradise Papers

Canadian Prime Minister Justin Trudeau said in the House of Commons: "We are fully committed to fighting tax evasion and tax avoidance."

"With respect to the Paradise Papers, the (Canada Revenue Agency) is reviewing links to Canadian entities and will take every appropriate action . . . . We will continue to work for a system that is fair," the PM added.

National Revenue Minister Diane Lebouthillier confirmed that the CRA has already initiated a review and probing the names of the Canadians present in the papers.

More than 300 Canadians whose names are present in Paradise Papers, described as the largest leak of financial data, are suspected to have used offshore tax havens to evade taxes.

The figure is slightly around 3,300.

The revelation comes from “Paradise Papers”, as the documents are being called by a collective of international journalists who after months of ferreting a clutch of records and internal communications from Bermuda's Appleby and Singapore's Asiaciti presented their findings on Sunday night.

Paradise Papers refer to a trove - 13.4 million files - of financial data leaked from two firms

The reports have shown that Canada is Applyby's one of the biggest markets after the U.S., the U.K. and China.

The data has brought number of Canadian firms and individuals under the scanner who have paid very little or almost no tax as they have received the benefits from the offshore trusts and corporations which are set up in countries.

Canadian supermarket giant, Loblaw, issued a statement that reads: "the CRA is aware of all of our international income. Our activities [...] are legal and transparent."

It is said that  Bermuda firm Appleby and Singapore-based Asiaciti helped the ultra-rich & powerful move money abroad

Appleby allegedly helped clients set up offshore firms and manage bank accounts to evade taxes, manage realty, buy planes and yachts, move tonnes of money across the globe.

(Reporting by Suman Das)