Canada Revenue Agency study says corporations illegally avoiding taxes

Canadian corporations failed to pay between $9.4 billion and $11.4 billion in taxes in 2014, the difference between taxes legally owed and those collected - according to a study released Tuesday by the Canada Revenue Agency (CRA). That means 24 to 29 per cent of all the corporate income tax legally due in Canada didn't get paid that year. This most recent  CRA report examines the federal corporate income tax gap for the tax year 2014. Tax year 2014 was examined to remain consistent with previous CRA published tax gap estimates. The CRA has published four previous studies on the tax gap in Canada:...

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It’s time for government to take action to stop money laundering.

In 2005, Raymond Baker, a leading authority on financial crimes, used US Treasury Department statistics of illicit money flows and money-laundering conviction rates to show that US law enforcement agencies failed to apprehend money launderers 99.9 percent of the time. And there is no reason to suspect Canada’s failure rate is any better. Estimating the extent of money laundering and catching the perpetrators share the same difficulty: the invisibility of the crime. That leaves us with two questions. Why is it so difficult to detect, investigate and prosecute money-laundering crimes? And what can we do...

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