Did you know that the Canada Pension Plan contribution rates have risen starting January 2019? https://t.co/j9hfofJTaO
Tax Gap estimates in Canadain Canadian Government News and Updates
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 one released by CRA, covers the international component of the tax gap for individuals and their related entities.
Here are some of the highlights of the fourth study.
1. The estimate for the offshore investment tax gap for individuals was between $0.8 billion and $3 billion in 2014 or 0.6% and 2.2% of individual income tax revenue.
2. Canadians are reporting their offshore income and assets in greater numbers. Between 2004 and 2014, foreign reporting increased to 268,910 in 2014, from 81,300 in 2004.
3. Close to $1 billion in income was uncovered and assessed from 370 individuals, 200 corporations and a small number of trusts through international audits completed from 2014 to 2017.
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