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

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.

Just Posted

Alberta investing $3.7B to move oil by rail, leasing cars

EDMONTON — The Alberta government says it’s investing $3.7 billion to move… Continue reading

Red Deer College introduces safety app

Safe RDC provides reliabilty and speed

Alberta farmers await Saskatchewan court decision on carbon tax

Western Canadian Wheat Growers Association applaud Saskatchewan government

Halifax fire claims seven Syrian refugee children: ‘Our entire municipality is heartbroken’

HALIFAX — Seven children, all members of a Syrian refugee family, died… Continue reading

Pro-pipeline protest convoy reaches Ottawa after rolling across country

OTTAWA — A convoy of angry Albertans and other westerners rolled up… Continue reading

Historic win for Team Nunavut at Canada Winter Games

Four years in the making boiled down to a collection of firsts… Continue reading

TSB says improved tankers involved in Manitoba derailment that spilled crude

ST. LAZARE, Man. — Federal investigators say CN rail cars that spilled… Continue reading

Vancouver duo faced health scare while making Oscar-nominated ‘Animal Behaviour’

TORONTO — Husband-and-wife filmmakers Alison Snowden and David Fine had almost finished… Continue reading

Canadian Eugenie Bouchard drops second-round match against Simona Halep

DUBAI, United Arab Emirates — Canada’s Eugenie Bouchard is out of the… Continue reading

Chanel: Iconic couturier Karl Lagerfeld dies in Paris

PARIS — Karl Lagerfeld, Chanel’s iconic couturier whose designs had an unprecedented… Continue reading

Canadian women beat US 2-0 to win inaugural Rivalry Series

DETROIT — The inaugural Rivalry Series was created to give Canada and… Continue reading

Don Cherry blasts Hurricanes as ‘jerks’; team responds with his words on T-shirt

TORONTO — Don Cherry’s latest rant about the Carolina Hurricanes and their… Continue reading

Country star Miranda Lambert reveals secret marriage

NASHVILLE — Country star Miranda Lambert celebrated Valentine’s Day weekend with the… Continue reading

‘Black Panther’ costume designer blazes trail to inspire

LOS ANGELES — Ruth E. Carter is a black woman blazing a… Continue reading

Most Read