Hudson
  • Home
  • About
  • News
  • World Wide Web
  • Business
    • Real Estate
    • Brands
  • Tech
  • Stock Market
  • Contact

Corporations Owed Canada $8.53 Billions From 2014

  • By Walter Baker
  • Jun-25-2019
  • Insurance, Service, Tax
  • Comments Off on Corporations Owed Canada $8.53 Billions From 2014

Many companies are now getting tax protection such as Audit Shield in order to avoid troubles if they are unexpectedly audited. However, there are companies that are not paying the correct tax they owe to the government. According to the most recent audit report released by the CRA or Canadian Revenue Agency, in 2014 alone there were companies who owed the government a total of $11.4 billion Canadian dollars in taxes or equivalent to $8.53 billion in US dollars.

A complete analysis of the corporate tax gap in Canada which was conducted by the CRA showed that small companies within the country was able to avoid paying taxes with a minimum of C$2.7 billion to a maximum of C$3.7 billion. The corporate tax gap is the resulting amount after the legally owed taxes are deducted from the collected taxes.

In the case of huge corporations, they have managed to dodge taxes amounting C$6.7 billion to C$7.9 billion. The total amount between the small and huge corporations, based on the report of the CRA, accounted to around 24 to 29 per cent of the entire corporate income taxes that they owed to the government in 2014.

From the same report, it was stated that the unpaid billionsis due to tax avoidance that are either intentional or unintentional as well as tax evasion by reporting an income lower than their real income or by claiming deductions that are way beyond what they have spent. There are others who are at fault because they are not aware of proper filing of taxes or they do not know about their payment obligations to the government.

Media reports clarified that the study of the tax gap does not cover the amount of income tax that was unclaimed from legal off shore transactions that are coming from the wealth of the nation. With many things that could go wrong while filing taxes, some companies purchase policies like Audit Shield to ensure that they are protected financially and legally in case they are caught up in unexpected audits which could cause a lot of money if not done properly.

It's only good to share...Pin on Pinterest
Pinterest
0Share on Facebook
Facebook
0Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin

Comments

← Previous Post Next Post →

Business Keynote Speakers To Watch

Recent Posts

  • T-Mobile Stepping Up Ad Targeting Of Cellphone Customers
  • How To Influence A Client To Write A Review
  • Why IT Experts Prefer Custom Software
  • The Meaning Of Client-Lawyer Relationship
  • Google Ads Now With Identity Verification, Google News Reports Added To Google Search Console For New Publishers

Selected Topics

  • Accountant
  • Advagym App
  • Advertise
  • AFL
  • Art
  • Baby Product
  • Bank
  • Bike
  • Bikini
  • Boat
  • Brands
  • Business
  • Car
  • Carpet
  • CCTV cameras
  • Chiropractor
  • Christmas
  • Cleaning
  • Clothing
  • Courier
  • COVID-19 Vaccine
  • Crematorium
  • Currency
  • Customer Reviews
  • Dental Implants
  • Design
  • Drug
  • DVD
  • Economy
  • Education
  • Electrician
  • Employee
  • Entertainment
  • Finance
  • Flooring
  • Food
  • Foundation
  • Funeral Services
  • Furniture
  • Game
  • Google
  • hEALTH
  • Healthy Lifestyle
  • Home Depot
  • Home Improvements
  • Hotel
  • Illustrations
  • Industry
  • Insurance
  • International School
  • King Kong Reviews
  • Landmarks
  • Lawyers
  • Legals
  • Lifestyle
  • Logistics
  • London
  • Lowest
  • Management
  • Maps
  • Marketing
  • Medical Tourism
  • Money
  • Mortgage
  • News
  • Noise
  • Online Marketing
  • Online shopping
  • Pandemic
  • Pest Control
  • Plumbing
  • Print
  • Products
  • Real Estate
  • Removal
  • Resort
  • Restaurant
  • Roofs
  • Security
  • SEO
  • Service
  • Services
  • Servies
  • Skin
  • Software Developmen
  • Stickers
  • Stock Market
  • Tax
  • Tech
  • Tiles
  • Tips
  • Transport
  • Trucking
  • Uncategorized
  • Website
  • Wedding
  • World Wide Web

Tools that will help you with your business

  • Blog Topics Generator
  • BuzzSumo
  • Evernote
  • LinkedIn Pulse
  • Portent Title Maker
  • Quick Sprout
  • Quora
  • Trello
Editor Of Hudson
Walter Baker

There are a lot more that the Hudson does to keep peace and order which they want people to know. Read the latest news and updates.

Archives
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • March 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • May 2015
  • April 2015
  • March 2015
  • January 2014
LEGALS

Hudson (C) 2016 All Rights Reserved. 273 Geneva Street, Brooklyn, NY 11206, USA

Powered by WordPress  |  Business Directory by InkThemes.