Canadian companies failed to pay billions of taxes

Category : Canada News
Updated On : June 19, 2019 02:13 AM
By Indian Times Daily

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” — the difference between taxes legally owed and those collected — being released today by the Canada Revenue Agency.

That means 24 to 29 per cent of all the corporate income tax legally due in Canada didn't get paid that year.

The long-awaited calculations — which follow on similar studies in more than a dozen other Western countries — show the scope and source of unpaid taxes by delinquent corporations that keep billions of dollars from federal tax coffers every year.

“The results that we’re getting on corporate income tax … are quite similar to other countries in terms of per cent of revenues,” said Mireille Ethier, a director general with the CRA.

The country’s tax hit was reduced significantly by CRA audits that found $6.1 billion of the unpaid bills — reducing the tax gap by 55 to 65 per cent — the report says.

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