The federal government has generated nearly six dollars in “fiscal impact” for every additional dollar of funding provided to the Canada Revenue Agency’s business compliance programs since 2015-16, according to a report released on Thursday by the Parliamentary Budget Office.
Dating back to Budget 2015, Ottawa allocated close to $1.9 billion in additional funding to the CRA over fiscal years 2015-16 to 2023-24, with the goal of supporting the agency’s tax compliance efforts. The government has said it expects to raise $13 billion in additional revenue over the period, which represents a return of about $6.84 for every dollar of additional funding.
Original Article Source Credits: Advisor’s Edge , https://www.advisor.ca/
Article Written By: Rudy Mezzetta
Original Article Posted on: October 9, 2020
Link to Original Article: https://www.advisor.ca/tax/tax-news/feds-score-big-with-extra-funding-of-cras-business-compliance-programs/