Canadians dodged paying feds up to $3B in taxes on foreign income: CRA

So far, the federal government has collected up to $14.6 billion less than it would have in 2014

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.

The Canadian Press

Like us on Facebook and follow us on Twitter.

Just Posted

County of Wetaskiwin won’t allow rec cannabis in campsites

If you want to smoke marijuana, you’ll have to go in the camper

Remembrance Day in Wetaskiwin

Pipers, buglers, veterans, soldiers and much more Nov. 11 in the Drill Hall

Rural crime task force results released at Agri-Trade luncheon

Report cites problems with police not being able to keep up with crime and justice system issues

JEDI AG Forum is fertile ground for Wetaskiwin region farmers

Canola production, farm transfer, grain elevator update and much more Nov. 23 in Wetaskiwin

Major traffic snarl on Hwy. #2 between Glen Park, #616

Motorists should plan for another route if possible, avoid area entirely

WATCH: Remembrance Day in Lacombe fills LMC

2018 marked 100 years since the end of First World War

Canada Post no longer guarantees delivery times amid more rotating strikes

The Canadian Union of Postal Workers closed two major processing centres in Ontario and B.C.

McGill students vote overwhelmingly to change Redmen team nickname

Student union held a referendum after a campaign by Indigenous students

Calgarians head to the polls to declare ‘yea’ or ‘nay’ on Winter Games

The question “are you for or are you against hosting the 2026 Olympic and Paralympic Winter Games?” was to be posed to them Tuesday in a plebiscite to help determine whether the city should move ahead with a bid.

Heir’s big birthday: 70 candles lined up for Prince Charles

Prince Charles turns 70 Wednesday, Nov. 14, 2018, still serving in the heir to the throne role he has filled since he was a young child.

Trudeau lays down challenge to companies in bid to boost trade with Asia

“Building the relationships, building the connections, building the facility and also changing mindsets — getting Canadian companies to see the opportunities we have around the world to partner and invest.”

CNN sues Trump, demanding return of Acosta to White House

CNN is asking for an immediate restraining order to return Acosta to the White House.

US trial to tell epic tale of Mexican drug lord “El Chapo”

Guzman’s long-awaited U.S. trial begins Tuesday in New York

Northern California wildfire is deadliest in state history

Holding out slim hope as crews search for more fire dead; 42 already killed in blaze

Most Read