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Bringing about a higher level of transparency and accountability in provincial and federal governments to help protect taxpayers from abuse

Bringing about a higher level of transparency and accountability in provincial and federal governments to help protect taxpayers from abuse.

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Ottawa promises crackdown on loopholes that let big banks avoid billions in taxes

March 1, 2018

The federal government has singled out Canadian banks for gaming the tax system to artificially reduce their tax bills.

In the budget released Tuesday, Ottawa announced it will tighten tax rules “meant to prevent a small group of taxpayers, typically Canadian banks and other financial institutions, from gaining a tax advantage.”

The measure was one of a slew of reforms to prevent tax evasion and avoidance that Ottawa estimates will bring in almost $1 billion per year.

Read more at Toronto Star

Filed Under: Tax Dollars Wasted Tagged With: federal tax, gaming the tax system, tax evasion

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