OTTAWA TAX CHEAT CRACKDOWN NETS $1-BILLION MORE THAN EXPECTED: REPORT

Apr 29, 2016

By Jane Brown

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A tax cheat crackdown in Ottawa has netted a $1-billion more than expected.

A Globe and Mail report reveals that the Canada Revenue Agency has disclosed the net impact of several enforcement measures announced in the 2013 budget, and the results show a gain that is nearly three times what was forecast.

The release of the CRA’s enforcement figures comes amid a heightened focus on the role of offshore tax havens by wealthy individuals and corporations seeking to reduce their tax bills using accounting methods that are often perfectly legal. This was highlighted in the recent leak of information known as the Panama Papers.

Meantime, there is still the question of the so called “tax gap”; the amount of owed tax that goes uncollected. The CRA has long been criticized for refusing to estimate how much it is in this country.

Other countries regularly publish this data. The Internal Revenue Service for instance reported Thursday that the U.S. tax gap is $458-billion.

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