Some MPs want a crackdown to help pay for new programs.
Corporations denounce increased government spending. Except, of course, when government largesse flows their way.
Bitcoins and other digital currencies are viewed as a commodity, where any gains or losses could be taxable income or capital for the taxpayer.
In March, the Liberal government announced the federal budget for 2017-2018. Although there were relatively few tax measures mentioned on March 22, it's important to know what these changes are and what the implications will be for you and your family in the coming years.
The couple belonged to a group that counselled them to avoid taxes.
There's been a lot of outrage over a new report that shows that Canada's wealthiest CEOs are paid 193 times more than the average Canadian. But there's an even darker side to the story. Ordinary taxpayers are subsidizing those multimillion-dollar salaries, courtesy of loopholes in our tax system.
Criminal investigations are "ongoing," CRA says.
In regards to tax evasion and aggressive tax avoidance, the Canada Revenue Agency (CRA) should be part of the solution. At the moment, it rather seems to be part of the problem. Over the last few years, we have seen that the CRA institutionalized various practices, eroding the trust that Canadians place in it.
Tax evaders are using homes to bring money from high-tax jurisdictions into Canada. Since they can't just move fat wads of cash without attracting scrutiny, they've come up with several techniques. Using soft assets that don't have fixed trade values (like homes) is one of the easiest ways to do it.
The money that pour into tax havens does not stay there, but is invested in various countries. However, any financial flow through a tax haven makes it tax-free, and any return on it tax-free as well. Corporations and wealthy individuals invest their finances through tax havens to avoid paying taxes or reduce their tax burden. Canada is no more immune to it than any other country.