Canadian companies failed to pay billions of taxes owed, new CRA report reveals - News Summed Up

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


That means 24 to 29 per cent of all the corporate income tax legally due in Canada didn't get paid that year. Since 2014, the agency has been gathering tips from the public about Canadians engaging in offshore tax avoidance and evasion through its Offshore Tax Informant Program. When all the reports are added together, tax evasion costs Canadians between $21.8 billion and $26 billion per year. “The current international corporate tax architecture is fundamentally out of date,” she wrote. “The ease with which multinationals seem able to avoid tax and the three-decade-long decline in corporate tax rates compromise faith in the fairness of the international system.”


Source: thestar June 18, 2019 09:01 UTC



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