CRA targets tax shelters
170,000 Canadians audited for alleged bogus charity donations.
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170,000 Canadians audited for alleged bogus charity donations.
The Canada Revenue Agency is targeting 170,000 tax payers who allegedly claimed $5 billion in dubious gifts to charity, according to the Globe and Mail. Taxpayers who are being audited may owe as much as $2.5 billion to the CRA.
Typically, the investor pays a tax shelter promoter money. The promoter keeps some of the money and provides the person with a tax receipt for more than the value of the money they’ve handed over.
The CRA vows to continue the crack down, saying it will audit every gifting tax shelter that’s out there.
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