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How much revenue exactly slips through the CRA’s hands because of tax avoidance and tax evasion? According to the CBC article, “CRA not tracking billions in potential taxes lost each year,” nobody really knows as CRA does not release any of its data on the matter. Unlike other countries such as the US that has been publicly reporting its tax gap for 50 years, Canada does not disclose or even track its tax gap. Tax gap is the term used to describe the difference between the government’s potential tax revenue and the actual taxes collected. According to OECD, the US has...
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Last week, the Finance Minister launched the Government of Canada’s consultations for Budget 2018. Canadians are invited to provide ideas and suggestions as the Government make their budget decisions on important issues and concerns. With this announcement, the Federal Government launched the website, www.budget.gc.ca/pbc18, to make it easy for Canadians to give their input. In the website, visitors can take four surveys on the following: 1. Progress for the Middle Class – the Government aims to strengthen and grow the middle class by creating jobs, improving lives, strengthening communities and growing the economy. 2. Economy of Tomorrow – there are many...
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Last week, the Department of Finance released its Fall Economic Statement where the Finance Minister highlighted its efforts to support families and the middle class.  Here are the proposals that the Finance Minister mentioned in his Fall Economic Statement speech: 1.    Strengthen the Canada Child Benefit.  Starting July 2018, the government will be making annual cost of living increases to the CCB which is 2 years ahead of schedule.  A single mother of two children making $35,000 will receive $560 in the 2019-20 benefit year towards the cost of raising her children.  2.    Enhance the Working Income Tax Benefit.  There will...
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Are you an international student studying in Canada? If yes, you may be required to file a Canadian income tax return. Before doing so, you will have to determine your residency status to know how you will be taxed in Canada. For income tax purposes, international students studying in Canada are considered to be one of the following types of residents: - Resident (includes students who reside in Canada only part of the year): if you establish significant residential ties with Canada;- Non-resident: if you do not establish significant residential ties with Canada and you stay in Canada for less than...
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