Live at a tony address? Taxman targeting Canada’s richest neighbourhoods to nab tax cheats
Canada’s tax agency has launched a project to hit Canada’s wealthiest citizens where they live — literally.
The Canada Revenue Agency’s Postal Code Project is targeting the wealthiest neighbourhoods in all regions of the country, those with gold-plated postal codes, where auditors will pore through the tax filings of every well-heeled resident, address by address.
They’re looking for undeclared wealth, signs that a taxpayer is actually richer than their income tax filings suggest.
“Comparing someone’s lifestyle — cars, boats, houses — to their reported income helps us identify people who are non-compliant,” said CRA spokesperson Zoltan Csepregi.
Details of the initiative, launched in the summer, were obtained by CBC News under the Access to Information Act.