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Broadly speaking, TIEAs facilitate the exchange of information relating to taxes between the two jurisdictions party to the TIEA. TIEAs are considered to be an important tool to help prevent tax evasion in circumstances where there is not a comprehensive tax treaty.
The Canada-Cayman TIEA is similar to previously agreed TIEAs and includes the standard resources required to ensure that due process is followed when requests for tax information are received in Cayman, including, for example, provisions to protect the confidentiality of the information provided and adhering to public policy. It further includes provisions relating to the protection of legal privilege, as well as ensuring that requests from Canada are relevant to tax investigations being conducted by Canadian authorities.
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Canada Signs TIEA with Cayman