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Generally speaking if you have income and don't declare it is tax evasion. Even if that income is in a foreign account.
There are lots of ways the tax man can get information about who getting the money, even if the issueing banks are foreign. Many contries have tax treaties with the US which will allow them to pretty easily get your info, I assume the same is true for Canada.
Bottom line
1) IF the foreign account is in your name you are obligated to declare it. Not declaring it is tax evasion.
2) IF you withdrawl it and take possesion you are obligated to declare it. Not declaring it is tax evasion.
As a matter of practice though, it really depends on the scale of things. Don't go overboard and you are probably OK.
If you are serious about this hit me up and I will put you in contact with someone.
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