In April 2016, the Trudeau government committed to estimating the value of Canada’s federal “tax gap,” or the difference between what Canadians owe in taxes and what the government actually collects. This move came soon after the 2016 Panama Papers release, which brought renewed attention to international tax evasion.
A few months ago, the NDP tweeted, “The richest Canadians shelter $300 Billion in off shore accounts and the Liberal government does nothing.”
For this check, we’ll ignore the second part of the tweet and look into how much wealth Canadians are estimated to have hidden offshore.
What type of assets are the NDP referring to?
Similar to domestic income, the income that individual Canadians make from foreign assets is taxable. Canadian residents must report foreign assets exceeding $100,000 to the Canada Revenue Agency.
Canadian corporations also have assets in offshore jurisdictions in the form of foreign direct
... read more at: http://factscan.ca/ndp-offshore-accounts/