It’s a continuing saga in Canada. Tax avoidance schemes by well to do Canadians.
The Canada Revenue Agency uncovers another tax avoidance scam.
And it never stops.
And the worst part is that these schemes are not available because they are too costly for everyday Canadians.
So it is usually well to do Canadians who use them and reap enormous benefits by not paying taxes.
And the amount of taxes not being paid are billions and billions of dollars.
And given that these numbers are for 2013 it is certain that the current numbers would be much higher.
In the past the agency would not reveal the amounts tax avoidance schemes are costing the treasury.
But it finally relented and has started doing so.
The last one involved $600 million of unpaid real estate taxes in B.C. and Ontario.
And the scary part – there is a belief at the agency that it is the tip of the iceberg.
And to take it a step further tax avoidance is a major problem in Canada.
And it has been for decades.
Canada, unlike other countries, does not jail people engaging in tax fraud.
Instead, those found guilty pay a fine on the amount owed and that’s the end of it.
And the government won’t make public the amount of taxes that are not being paid yearly due to tax avoidance schemes.
And that is mind-blowing, and so is the fact that the agency does not even track those who are not paying their taxes or the amounts.