Close X
Thursday, November 14, 2024
ADVT 
National

Canadians Dodged Paying Feds Up To $3B In Taxes On Foreign Income: CRA

The Canadian Press, 28 Jun, 2018 12:24 PM
    OTTAWA — Canadians dodged paying Ottawa somewhere between $800 million and $3 billion worth of taxes on foreign personal income in 2014, says a new federal estimate released Thursday.
     
     
    The study by the Canada Revenue Agency says the missing funds represented between 0.6 per cent and 2.2 per cent of the total income tax revenue Ottawa collected that year from individuals.
     
     
    So far, the federal government has collected up to $14.6 billion less than it would have in 2014, had all tax obligations been fully met — and that number is expected to grow as the agency's research continues.
     
     
    In previous reports, the agency has already released other estimates on the so-called tax gap — the difference between what is owed to the government and what was collected — for personal income tax and the federal portion of the GST and HST.
     
     
    The agency's next study will focus on domestic and international businesses, a report it says will provide CRA with its first estimate of Canada's overall tax gap.
     
     
    The latest numbers come as Ottawa invests more resources in analyzing and cracking down on tax evasion.
     
     
    "Most Canadians pay their fair share of taxes," National Revenue Minister Diane Lebouthillier said in a statement. "They expect their government to pursue people and businesses that try to avoid doing the same."
     
     
    The agency said Thursday that international audits it conducted between 2014-15 and 2016-17 uncovered close to $1 billion in income — and identified $284 million in additional taxes. In the process, it assessed 370 individuals, 200 corporations and a small number of trusts.
     
     
    The CRA analysis also found that in 2014, Canadians earned $9 billion in foreign income and held a total of $429 billion worth of assets outside the country — with most of it reported in the United States and the United Kingdom.

    MORE National ARTICLES

    Toronto's Huge Pride Parade Slated For Sunday; Police Still Shut Out

    Toronto's Huge Pride Parade Slated For Sunday; Police Still Shut Out
    The huge Pride Parade, one of the country's most colourful and flamboyant outdoor events, will see more than 120 groups march the downtown route — but uniformed police won't be among them.

    Toronto's Huge Pride Parade Slated For Sunday; Police Still Shut Out

    Lightning Sparks More Than 100 Wildfires In B.C., With Further Storms Expected

    The B.C. Wildfire Service says more than 100 new blazes started after lightning storms rolled across the province Wednesday.

    Lightning Sparks More Than 100 Wildfires In B.C., With Further Storms Expected

    B.C. Crown Says Polygamous Leader Took 15-Year-Old Girl Across Border For Sex

    B.C. Crown Says Polygamous Leader Took 15-Year-Old Girl Across Border For Sex
    VANCOUVER — A special prosecutor is urging British Columbia's Court of Appeal to overturn the acquittal of a polygamous leader who was accused of  taking a 15-year-old girl across the border for a sexual purpose.

    B.C. Crown Says Polygamous Leader Took 15-Year-Old Girl Across Border For Sex

    Police Dive Team Searches Alice Lake For Missing Man From Delta, B.C.

    Police Dive Team Searches Alice Lake For Missing Man From Delta, B.C.
    An RCMP underwater recovery team is searching a lake for a 20-year-old man who went missing while swimming with friends in Squamish, B.C.

    Police Dive Team Searches Alice Lake For Missing Man From Delta, B.C.

    Oregon Family Found Safe After Abandoning Their Car In Remote Northwest B.C.

    Oregon Family Found Safe After Abandoning Their Car In Remote Northwest B.C.
    DEASE LAKE, B.C. — Search and rescue teams in northwestern British Columbia say a family of four from Oregon has been found safe in a remote and rugged area just 250 kilometres south of the Yukon border.

    Oregon Family Found Safe After Abandoning Their Car In Remote Northwest B.C.

    Surrey Man Ranjit Sangha Arrested For 2017 Murder Of Joseph Jandrew In Vancouver

    Surrey Man Ranjit Sangha Arrested For 2017 Murder Of Joseph Jandrew In Vancouver
    The 33-year-old was critically injured in a stabbing in Vancouver on Oct. 12 and died later in hospital.

    Surrey Man Ranjit Sangha Arrested For 2017 Murder Of Joseph Jandrew In Vancouver