Mr. Speaker, before I begin, I would like to remind the member that if he asks the same question, he will get the same response.
I welcome the opportunity to speak to my colleague about the actions that our government and the Canada Revenue Agency have taken to crack down on offshore tax evasion and aggressive tax avoidance. Most Canadians pay their taxes on time and the taxes that they owe, but some wealthy individuals try to buy their way out of paying taxes by using abusive offshore schemes. This is not fair and it will not be tolerated.
The government and the CRA have taken action to identify tax cheats by focusing resources in the areas of highest risk, both domestically and internationally. With increased information gathering capabilities and better tools at its disposal, the CRA now has access to more information than ever before.
In fact, it is through the efforts of the CRA that the KPMG offshore tax avoidance scheme was discovered in the first place. The CRA is pursuing various offshore tax evasion related cases in court and intends to pursue them to the fullest extent possible.
In fact, the CRA has uncovered a number of additional tax schemes and it is analyzing these additional structures to identify any similarities with the current schemes under review. The CRA is analyzing these to identify any similarities with the Isle of Man structures and where appropriate, will take actions to recover revenues. Make no mistake, whether it is a complex corporate structure using offshore jurisdictions of concern or profit shifting schemes that are used to evade or avoid tax, the CRA is committed to identifying and addressing non-compliance.
Our government is increasing its efforts and we are seeing early signs of success. This year, the CRA's audit activities are on pace to raise assessments of over $13 billion. Two-thirds of these recoveries are the result of audit efforts related to large businesses and multinational companies.
Furthermore, through federal budget funding in 2016 and 2017, the government has committed close to $1 billion to cracking down on tax evasion and combatting tax avoidance. With this funding, the CRA is adding to its audit activities by enhancing its efforts on a number of other fronts, including expanded systems for information sharing, legal expertise, and targeted compliance activities aimed at high-risk taxpayers, including those with high wealth.
Budget 2016 investments are expected to uncover an additional $2.6 billion in revenue for the crown over the next five years, and for budget 2017, an additional $2.5 billion over the next five years.
Tax cheats can no longer hide. We take these matters extremely seriously. Those who choose to participate in such aggressive schemes must face the consequences of their actions. This is what Canadians expect from their government and that is exactly what we will continue to deliver for Canadians.