Arab Canada News
News
By م.زهير الشاعر
Published: November 15, 2024
The Canada Revenue Agency (CRA) has seen significant growth in the number of groups of taxpayers classified as Global High Wealth (GHW) over the past five years. In 2018, the CRA identified around 800 groups under the GHW program, but by the 2023-2024 fiscal year, this number had risen to over 2,500 groups, representing a notable increase.
The GHW program is part of the agency's strategy to review the tax compliance of groups with a net worth estimated at $50 million or more.
This program comprehensively addresses the complexities of tax compliance by reviewing all entities associated with the group, such as individuals, partnerships, corporations, and trusts.
Alongside the GHW program, the CRA implements other programs such as the offshore program and the aggressive tax planning program. In the 2023-2024 fiscal year, these programs contributed to completing over 700 audits, resulting in a total financial impact of $1.8 billion, including $745 million from GHW audits alone.
Investments in modern technology and collaboration with international and local partners have enhanced the agency's ability to scale up audit operations and better target tax evasion.
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