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

    Coquitlam Police Looking For Two Teenage Girls Who Were Given Drugs In Lions Park

    Coquitlam Police Looking For Two Teenage Girls Who Were Given Drugs In Lions Park
    Police need your help finding two teenage girls who were given 'free' marihuana by a man in Lions Park, Port Coquitlam, on Wednesday, June 20, 2018, at about 4:00 p.m.

    Coquitlam Police Looking For Two Teenage Girls Who Were Given Drugs In Lions Park

    Justin Trudeau Fined $100 For Not Disclosing Gift Of Sunglasses From P.E.I. Premier

    Justin Trudeau Fined $100 For Not Disclosing Gift Of Sunglasses From P.E.I. Premier
    Prime Minister Justin Trudeau was forced to pay a $100 fine for violating conflict of interest rules by not disclosing a gift given to him last year by P.E.I. Premier Wade MacLauchlan.

    Justin Trudeau Fined $100 For Not Disclosing Gift Of Sunglasses From P.E.I. Premier

    One For The Books: B.C. Woman Graduates High School At 92

    One For The Books: B.C. Woman Graduates High School At 92
    It took 92 years, but Nanaimo's Joan Deebankhas finally graduated high school – teaching us it's never too late to achieve your dreams. 

    One For The Books: B.C. Woman Graduates High School At 92

    Fake Police 'Arrest' Vancouver Woman, Force Her To Deposit $6,000 In Latest Canada Revenue Scam

    Fake Police 'Arrest' Vancouver Woman, Force Her To Deposit $6,000 In Latest Canada Revenue Scam
    Vancouver police say there's a new twist on a Canada Revenue Agency scam they've been warning the public about and the swindle involves being arrested.

    Fake Police 'Arrest' Vancouver Woman, Force Her To Deposit $6,000 In Latest Canada Revenue Scam

    B.C. Government Intends To Crack Down On Hidden Ownership Of Real Estate

    B.C. Government Intends To Crack Down On Hidden Ownership Of Real Estate
    VICTORIA — The British Columbia government is taking steps to end opportunities to anonymously invest and hide wealth in real estate.

    B.C. Government Intends To Crack Down On Hidden Ownership Of Real Estate

    Toronto Police Strike Blow To Gang With Ties To The US And Caribbean: Chief

    Toronto Police Strike Blow To Gang With Ties To The US And Caribbean: Chief
    Toronto police say they've taken down a large portion of a street gang with international ties after an early morning raid that involved about 800 officers.

    Toronto Police Strike Blow To Gang With Ties To The US And Caribbean: Chief