Bill S-217: Fairness for All Canadian Taxpayers Act (measuring the tax gap to fight international tax evasion)

This bill primarily affects the Canada Revenue Agency's reporting obligations rather than imposing direct new requirements on businesses. However, it increases transparency around tax compliance and evasion, which could indirectly affect businesses of all sizes across Canada — particularly corporations, trusts, and individuals with international holdings or specified foreign property. Businesses that hold foreign assets reported under section 233.3 of the Income Tax Act may face heightened scrutiny as the CRA analyzes uncollected taxes from non-compliance with foreign property reporting. The segmentation of tax gap statistics by corporate size means that both small businesses and large corporations will have their compliance patterns publicly analyzed, potentially leading to more targeted audit activity in sectors or size categories where gaps are identified.