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ARTICLE · 24 JUNE 2021

Budget 2021 – Tax Enforcement, Audits, And Oral Interviews

Miller Thomson
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Recently, Chrystia Freeland, Deputy Prime Minister and Minister of Finance, presented the 2021 Budget on behalf of the Government of Canada ("GOC").

CanadaTax
Molly Luu
Molly Luu
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Recently, Chrystia Freeland, Deputy Prime Minister and Minister of Finance, presented the  2021 Budget on behalf of the Government of Canada ("GOC").

Debits and Credits. The cornerstone of any accounting textbook. For the federal government, the debits (spending) have not outweighed the credits (revenue) at quite this level, ever. The 2021 Budget projects historic deficits. What's the Minister of National Revenue to do?

Bigger Budgets to Enforce

Based on the 2021 Budget, the answer appears to be to strengthen enforcement measures, including a $304.1M budget to be spent over five years which will include:

  • increasing audits of large businesses that are deemed to be at a high risk of non-compliance with the audit provisions of Canada's Income Tax Act ("ITA") and Excise Tax Act  ("ETA");

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