That is how much is owed to the CRA which is a real big number ( according to the Auditor General ) in fact the report actually states:
Michael Ferguson, Canada’s Current Auditor General
The outstanding balance in undisputed unpaid taxes was $29 billion at 31 March 2012. Each year, the Agency writes off a certain amount of debt that it considers uncollectible (sic). In 2011–12, it wrote off $2.8 billion.
Wow, that could wipe out the Federal Deficit, cool! So if the CRA hired a bunch of collection agencies I wonder how much they could actually recuperate ? Could they sell the debt to a collection agency? Even at a 90% discount they’d make almost $3 Billion which isn’t chump change.
This number is completely synthetic really, and will only be traipsed out during the next election or used for political fodder, but it still is an interesting number to think about. Think if they are charging 5% penalty fees, how much more money they could make.
Have a look at the Auditor General’s report it’s a very interesting read. You can even follow the Office of the Auditor General on Twitter as well!
It wrote off $2.8bn? Seriously?
Well, may be with so many taxpayers if few goes missing then that add up I guess.
I am confused why it take so long to collect the rest!
I don’t owe them anything and I would be afraid to have them after me. I understand they can restrict passport applications and government licenses and that they charge a very high interest rate.
I would be interested to see who owes what. Failed businesses? Scofflaws? People who just don’t understand the tax laws?
It wrote off $2.8bn? Seriously?
Well, may be with so many taxpayers if few goes missing then that add up I guess.
I am confused why it take so long to collect the rest!
Not enough tax collectors?
I wonder how much of that IS because of the interest and penalties?
Makes the measly $ we have to pay seem almost negligible.
Why do I have to pay if they can’t get everyone else pay?
$29B .. *sigh*, don’t even know where to begin.
I don’t owe them anything and I would be afraid to have them after me. I understand they can restrict passport applications and government licenses and that they charge a very high interest rate.
I would be interested to see who owes what. Failed businesses? Scofflaws? People who just don’t understand the tax laws?