Billions lost through tax loopholes and preferences

Everydaymoney.ca:

In spite of the extensive free advertising the program received from suppliers like Home Depot and Rona, it seems relatively few Canadians took advantage of the much hyped Home Renovation Tax Credit on their tax returns last year.

In a report outlining the billions of dollars Ottawa gives up in targeted tax credits, Department of Finance officials admitted that only three-quarters of the $3-billion set aside for the high-profile program ever got paid out.

Is it time to forget these types of tax credits altogether? Definitely, says Toby Sanger, senior economist with the Canadian Union of Public Employees.

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