August 21, 2019

Canadian companies failed to pay billions of taxes owed, new CRA report reveals

Newly released data from the Canada Revenue Agency shows corporate business failed to pay about ten billion dollars of the 2014 taxes they owed. Experts are referring to this as the tax gap, which is the difference between taxes that were due and taxes that actually were paid to the CRA. To put this problem into perspective, nearly thirty percent of all corporate taxes owed were not paid. Thirty cents of every tax dollar was not received, and thus not available to Canadians.

“Canadian corporations failed to pay between $9.4 billion and $11.4 billion in taxes in 2014, according to the first comprehensive analysis of the country’s corporate tax gap.”

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