Canadian individuals and businesses owe $25 billion in overdue taxes to the federal government, newly released figures show -- enough to pay off more than half the national deficit if the money were collected.
The tab for overdue taxes has been climbing in recent years, according to the Canada Revenue Agency. The $25-billion figure, the amount owing as of March 31, represents an increase of more than 35% over the total owing five years ago.
The amount of overdue taxes represents a fraction of the about $358 billion in taxes and duties processed last year by the Canada Revenue Agency, which employs more than 40,000 people.
The agency anticipates the vast majority of debt owing will be collected, spokesman Noel Carisse said in an e-mailed statement.
When taxpayers don't pay by the deadline set in their notices of assessment, the agency sends out reminder letters or makes phone calls.
If debtors don't pay, the government tries to collect through legal action, such as seeking a court order to seize income or property.
Last year, $12.5 billion was collected in this manner.
Related Stories
