Budget 2016: Targetting Tax Evasion
A Report from Canadians for Tax Fairness
Posted March 25th, 2016 on Niagara At Large
(A Brief Foreword from NAL publisher Doug Draper – Finally after a decade of Harper and company letting the richest in Canada get away without paying their fair share of taxes – in fact, letting them fly an estimated $200 billion or more each year out of the country to off-shore tax haven – the new Trudeau government is investing more resources to go after them.
We 99 percenters may wish to join the great public interest group Canadians for Tax Fairness in applauding this news before pressing the government to at long last get on with the job of nabbing these freeloaders.)
The Finance Minister has earmarked nearly $90 million a year to fight tax evasion – a total of $440 million over five years.
This signals that the government has realized how much it is losing to wealthy Canadians who shift their money offshore to avoid paying any tax at home. The budget estimates that it will collect more than $2.6 billion for its investment.
“Ramping up the Canada Revenue Agency’s capacity to tackle tax havens is a smart move that can pay off. ” says Dennis Howlett, Canadians for Tax Fairness executive director. “Now the CRA needs to mobilize a sophisticated campaign to target both the rich taxdodgers and the financial advisors who facilitate this trend.”
Modest estimates indicate there is $199 billion of Canadian money in offshore tax havens. That amount has grown dramatically as cuts at the CRA were implemented over the past decade.
What is Wrong at the CRA? And How To Fix It outlines the serious problems at the revenue agency. It recommended actions to restore integrity in the process of raising revenues including:
- Boosting the CRA’s capacity for investigation and enforcement of tax haven cases.
- Prioritizing and prosecuting big tax avoidance schemes rather than focussing on charities, non-profits and smaller cases
- Proceeding with a stalled court case against KPMG’s activities on the Isle of Man.
- Implementing a Tax Gap report
About Canadians For Tax Fairness
Canadians for Tax Fairness is a not-for-profit, non-partisan organization advocating for fair and progressive tax policies aimed at building a strong and sustainable economy, reducing inequalities and funding quality public services.
We believe in a country where taxation is regarded as a way to invest in Canada and Canadians. We believe in a progressive tax system where all individuals and corporations pay their fair share.
We believe that Canada in the 21st century should be a society in which economic disparities are decreasing, basic needs are met by investing in high-quality public services, economic policies are designed to protect our environment, and the will of the people drives our political process.)
For more on Canadians For Tax Fairness and how you can support the group’s efforts for tax fairness for everyone click on – http://www.taxfairness.ca/en .
NOW IT IS YOUR TURN. Niagara At Large encourages you to share your views on this post. A reminder that we only post comments by individuals who share their first and last name with them.
Visit Niagara At Large at www.niagaraatlarge.com for more news and commentary for and from the greater bi-national Niagara region.