Canada Revenue Agency’s Tax Gap Study Shows Canadians Hid Up To $240 Billion Offshore

Canadians have squirreled away potentially hundreds of billions of dollars in offshore tax havens, avoiding up to $3 billion in taxes annually, according to new numbers from Canada Revenue Agency.

The agency estimates Canadian had between $75.9 billion and $240.5 billion in tax havens in 2013. That number is only for individual taxpayers, and doesn’t include corporations’ offshore holdings.

CRA is scheduled to report next year on the amount of money corporations have placed in offshore tax havens. But according to a 2016 study by Canadians for Tax Fairness, Canadian businesses had placed some $270 billion out of the tax collector’s reach.

Earlier on HuffPost: Canada Revenue Agency is coming for your undeclared tips (story continues below)

CRA estimates the money individuals placed in tax havens cost

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