Fast facts about Canada's underground economy Saint-Jérôme QC

• The underground economy refers to economic activity that is taxable, but isn't reported to tax authorities.

Chevaliers De Colomb
(819) 762-1457
55 Avenue Dallaire
Rouyn-Noranda, QC
 
Cible Qualite Inc
(450) 699-3182
198 Rue Gordon
Chateauguay, QC
 
Association Grand Frere-Grande
(819) 762-0167
380 Avenue Richard
Rouyn-Noranda, QC
 
Amalgama Acquisitions Partenariats
(514) 525-7676
276 rue Saint-Jacques, Montréal
Quebec, QC
 
Gestion Conseil P Mallette Inc
(450) 699-9840
328 Rue Concordia
Chateauguay, QC
 
Syndicat Producteur De Bois
(819) 762-0835
172 Avenue Du Lac
Rouyn-Noranda, QC
 
Regroupement Des Assistes Soc
(819) 764-4812
380 Avenue Richard
Rouyn-Noranda, QC
 
Gestion Conseil Denis
(819) 752-7044
976 Rue Des Grives
Victoriaville, QC
 
Altimum I M S
(514) 593-0865
8920 boul Pie-Ix, Montréal
Quebec, QC
 
Association Recreatif-Gatineau
(819) 663-0551
195 Boul Maloney O
Gatineau, QC
 

Fast facts about Canada's underground economy

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• The underground economy refers to economic activity that is taxable, but isn't reported to tax authorities.

• Certain sectors are more vulnerable to underground activity such as construction and hospitality.

• Taking cash to avoid paying tax is cheating. It's cheating Canadians who do pay their taxes, businesses that have to compete with lower prices, and customers and workers who may not be covered if disaster strikes.

• It's a myth that taking cash and keeping no records makes you immune to taxes. If your lifestyle is not in line with the income you report, and you cannot explain the difference, your taxes will be assessed anyway based on an estimate of your income. You might then have to pay interest, penalties and even face prosecution.

• Cheaters do get caught as the Canada Revenue Agency has an aggressive program to detect and deter those Canadians who do not report their income.

• The Agency has over 1,000 employees dedicated specifically to catching these underground operators. Once caught, cheaters can face prosecution, hefty fines, and jail time. If you want to do some homework on the issue, go to the Taxpayer Alert section of www.cra.gc.ca, and click on the Underground Economy link.

Credit: www.newscanada.com