The government is stepping up efforts to hack recorded on tax cheats, based on Budget 2016.
In its first federal budget, the brand new Liberal government said it will provide $444.4 million towards the Canada Revenue Agency within the next 5 years therefore it can crack recorded on tax evasion and combat tax avoidance.
The government says it expects these efforts to result in the assortment of $2.6 billion in back taxes within the next 5 years.
The crackdown will include exactly what the federal government describes as “aggressive tax planning.” Budget 2016 will give you the CRA with $351.6 million in funding within the next five years “to enhance its ability to collect outstanding tax debts.”
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The government expects the proposed funding will result in the gathering of $7.4 billion in tax debts over the next five years.
In the fiscal year ended 2015, Canada collected $496 billion in taxes and customs duties. The nation processed 28 million individual tax statements and identified $21.9 billion in “non-compliance.”
Typically, 90 per cent of taxpayers pay their taxes on time and without intervention.
Financial Post
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