Canada Revenue Agency expects to track down $400M in tax crackdown
OTTAWA — Canadian tax authorities expect to track down $400 million this year they say are owed as part of a campaign to crack down on tax evasion by big international companies and wealthy individuals, particularly those using offshore tax havens, a top official says.
The Liberal government provided extra cash to the Canada Revenue Agency in last year’s budget to pursue wealthy tax cheats. The agency is “ahead of plan” in terms of hitting its target, says Ted Gallivan, assistant commissioner at CRA’s compliance programs branch.
“I don’t think raising the revenue is going to be a challenge for us because we have a strong record of generating tax revenue by identifying non-compliance,” Gallivan said.
The $400 million is a small fraction of the $13 billion CRA is expected to recover from its audits in this fiscal year, but it is expected to grow.