Close X
Sunday, November 24, 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

    Charges Possible Against A Burnaby RCMP Officer After Robbery Suspect Shot: B.C. Police Watchdog

    British Columbia's police watchdog has sent a report to the provincial prosecution service for consideration of charges against a Burnaby RCMP officer.

    Charges Possible Against A Burnaby RCMP Officer After Robbery Suspect Shot: B.C. Police Watchdog

    Real Police Say Fake Police Weren't Actually Involved In Scam Of Vancouver Woman

    Real Police Say Fake Police Weren't Actually Involved In Scam Of Vancouver Woman
    Police now say that the woman was never physically approached by people claiming to be officers, but detectives have confirmed she was scammed out of $6,000.

    Real Police Say Fake Police Weren't Actually Involved In Scam Of Vancouver Woman

    Four-Term Councillor TOM GILL Is Surrey First's Pick For Mayor

    Surrey Mayor Linda Hepner has made a big announced today. The City's four-term councillor Tom Gill has been chosen as Surrey First’s mayoral candidate for the Oct. 20 municipal election.

    Four-Term Councillor TOM GILL Is Surrey First's Pick For Mayor

    Motorcyclist Killed In Collision With SUV In Surrey

    Motorcyclist Killed In Collision With SUV In Surrey
    On June 20, 2018, at approximately 8:53 pm, a male on a motorcycle travelling northbound on 181A Street collided with a small SUV type vehicle southbound on 181A Street to turn eastbound onto 61B Avenue. 

    Motorcyclist Killed In Collision With SUV In Surrey

    Police Looking For Rankirat Singh, 20, Of Brampton In Stick Wielding Attack

    Police Looking For Rankirat Singh, 20, Of Brampton In Stick Wielding Attack
    Police are attempting to locate Rankirat SINGH 20 years of Brampton for his role in yesterday's stick wielding attack in Halton Hills that sent two men to hospital suffering serious injuries.

    Police Looking For Rankirat Singh, 20, Of Brampton In Stick Wielding Attack

    Surrey RCMP Arrest Eight And Make Significant Seizure During Fraud Investigation

    Surrey RCMP Arrest Eight And Make Significant Seizure During Fraud Investigation
    Surrey RCMP is advising the public of a recent investigation which resulted in the bust of an alleged fraud and forgery operation.

    Surrey RCMP Arrest Eight And Make Significant Seizure During Fraud Investigation