Wealthy Canadians hiding up to $240B abroad, CRA says

Wealthy Canadians hiding up to $240B abroad, CRA says

Well-heeled Canadians have hidden up to $240.5 billion in foreign accounts and are dodging up to $3 billion a year in federal tax on those funds, according to the CRA's first ever attempt to estimate how much government revenue is lost from individuals stashing money abroad. The Canada Revenue Agency arrived at the figure as part of its effort to calculate the country's "tax gap" — the difference between how much the government would collect if everyone paid what they owe, and how much the government actually takes in.

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