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PBO strikes deal with CRA to get data to measure cost of tax avoidance

News Summed Up 2018-02-12 05:30:00

Prime Minister Justin Trudeau announced Monday that a deal has finally been struck between the agency and the budget officer. But the time frame will depend on the quality of information the Canada Revenue Agency provides. The Conference Board of Canada has estimated that tax evasion and tax avoidance cost the federal treasury anywhere between $8.9 billion and $47.8 billion annually. The Trudeau government has earmarked almost $1 billion over two years to crack down on offshore tax evasion. The Canada Revenue Agency has recently estimated that about $4.5 billion in GST revenue and about $8.8 billion in personal income tax revenue has gone uncollected annually.