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The CRA has recently announced that it is publishing a series of studies on Canada’s tax gap. Tax gap is the term used to describe the difference between the government’s potential tax revenue and the actual taxes collected.To examine the different parts of the gap, the CRA conducted four studies: 1. A conceptual study on tax gap estimation (June 2016)2. An estimate of the tax gap for GST/HST (June 2016)3. A report on domestic personal income tax compliance in Canada (June 2017)4. International Tax Gap and Compliance Results for the Federal Personal Income Tax System (July 2018)The fourth study, the latest...
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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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