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$500M recouped worldwide from tax cheats due to Panama Papers — but none of it in Canada

January 9, 2018 10:00 AM
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$500M recouped worldwide from tax cheats due to Panama Papers — but none of it in Canada

CRA says audits 'take time' and it likely won't have anything to report until at least 2020

But not a penny of that is destined for Canadian government coffers. The Canada Revenue Agency maintains it will be at least another 2½ years before it will have an idea of how much it might recoup.

The CRA, meanwhile, says it is still auditing 123 taxpayers tied to the Panama Papers, and it is far too soon to talk about how much money could be collected from them.

"These files are complex and will take time to complete," spokesperson Patrick Samson said in an email, explaining that, among other things, the CRA has to wait until taxpayers exhaust any appeals before it can collect from them, which can add years to the timeline.

Also read: Drug trafficker back in Canadian prison 23 years after fleeing custody

Source: cbc.ca

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