Two separate reports this week confirm tax dodging is costing the federal government billions in lost revenue.
For the second time this week, experts are sounding the alarm on the multi-billion-dollar cost of tax dodging. Today’s Parliamentary Budget Officer’s report suggests Canada is losing $25 billion or more a year in tax revenues from multinational corporations avoiding taxes through tax havens.
The Canada Revenue Agency’s confidential offshore tax informant program has led to a recovery of almost $20 million so far, and paid out undisclosed amounts to confidential informants
The House of Commons has struck down a Private Member’s Bill to combat international tax haven use. Senator Percy Downe’s Bill-243 would have required Canada Revenue Agency to report on Canada’s tax gap.
CBC investigative journalist Harvey Cashore uncovered that the Canada Revenue Agency (CRA) recently reached an out of court settlement with wealthy KPMG clients who were caught using what the CRA called a grossly negligent offshore tax sham. This is a disturbing development for many reasons.
Canadian corporations reported they have over $350 billion in Canada’s top 12 tax havens around the world, in a Statistics Canada report released this week. That’s a lot of money: equivalent to almost $10,000 per Canadian.
OTTAWA – Canadian corporations increased the money they report in Canada’s top 12 overseas tax havens by almost 10% to a record high of $353 billion in 2018, according to Statistics Canada Foreign Direct Investment figures released today.