Description: Ten to twelve percent of Canadians are not filing their annual T-1 tax returns. And perhaps even more surprising comes the news that the government actually owes money to many of them. Prosper Canada is seeking to build financial literacy among lower-income Canadians, encouraging them to file their returns to claim cash for various programs administered by the Canada Revenue Agency (CRA). Carleton University academics Jennifer Robson and Saul Schwartz estimate that Canadians left $1.7 billion “on the table” by failing to file in 2015.
Date: December 16, 2022
1) Do you know anyone who hasn’t filed a tax return? (Note the article says the many who fail to file are “male, young and single.”)
2) What do you think could be done to encourage these taxpayers to claim the benefits they deserve?
3) Page 9-15 of Wiley’s Financial Accounting: Tools for Business Decision-Making mentions the CRA in another context. What important point does this page tell us about the CRA?