Tag: Canada Revenue Agency

Canada Revenue Agency is Investigating Failed Cryptocurrency Exchange QuadrigaCX

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The Canada Revenue Agency is auditing QuadrigaCX’s corporate tax returns, according to the bankruptcy trustee overseeing its case. The CRA sent a letter to bankruptcy trustee Ernst & Young announcing that it will be reviewing QuadrigaCX’s tax corporate tax returns ranging from 2015 to 2018. QuadrigaCX was Canada’s largest cryptocurrency…

Canada to Rethink Tax Policies After Losing Billions in Corporate Tax Revenue

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Canada plans to bolster its corporate tax collection effectiveness with increased funds for government auditors and greater corporate transparency enforcement, in the wake of two recent reports detailing how the Canada Revenue Agency (CRA) loses billions in tax revenue every year. Last month, the CRA published the Tax Gap and…

Canada’s Complex Tax System Lost Millions in Revenue

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As Canada’s tax system continues to grow in complexity, it may be losing its ability to function as intended. The country lost an estimated $169 million in potential tax revenue on foreign digital products and services in 2017, according to an Auditor General’s report released on May 7, 2019. The…

Some 270,000 Canadian Veterans Shortchanged Over Disability Pension

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The federal government has discovered a massive accounting blunder that has deprived more than 270,000 veterans of their disability payments. Veterans Affairs Canada has claimed that the CA $165 million shortchange is due to a miscalculation. After the Veterans Ombudsman’s office uncovered the massive shortfall, Veterans Affairs Minister Seamus O’Regan…