Canadians dodged paying feds up to $3B in taxes on foreign income: CRA
Source: CTV News
OTTAWA – A new federal analysis says Canadians dodged paying Ottawa between $800 million and $3 billion worth of taxes on foreign personal income in 2014.
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.