Earlier this week, the CRA reported that corporations likely avoided paying $11.4 billion in taxes in 2014. The PBO report shows a more serious picture that includes massive sums of corporate money flowing to small countries known for being tax havens, including $47.6 billion transferred from Canada to the small European country of Luxembourg in 2016. The report also shows that in 2018, Canadian corporations transferred $157.7 billion to Singapore, while Singapore only transferred $35.9 billion to Canada.
â€œThe Parliamentary Budget Officer has shown that the $11.4 billion reported by the CRA is very likely only the tip of the iceberg. The difference between what our tax revenue is, and what it could be, is called the â€˜tax gapâ€™. The PBO report shows we donâ€™t have a tax gap, we have a tax chasm,â€� said Julian. â€œChild care, affordable housing, renewable energyâ€¦Itâ€™s staggering what we could fund if this Liberal government was taking this issue seriously. We must create a publicly-accessible registry of ownership information for federally incorporated corporations and shine a light on the tax evasion we know is taking place.â€�
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