Mar 15, 2013
By Michael Kramer
Ontario is urging the federal government to help with collecting corporate taxes – as part of the province’s effort to slay its $12 billion dollar deficit.
Current tax regulations allow corporations to legally avoid paying taxes by shifting their profits and losses across Canada.
Ontario Finance Minister Charles Sousa says changing those rules could bring in $200 million dollars by 2017.
Sousa says he also wants federal help to crack down on the growing underground economy which he says deprives the province of tax dollars and makes it difficult for legitimate business to stay competitive.
The province needs Ottawa’s help because the federal government collects about 75 per cent of Ontario’s tax revenues.