Fast facts about Canada's underground economy Toronto ON

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

Action Time Prestige Group Inc
(905) 357-9415
7099 Mount Forest Lane
Niagara Falls, ON
 
Camillo Enterprises Corp
(905) 374-6500
4025 Dorchester Rd
Niagara Falls, ON
 
Great Lakes Business Services
(519) 927-3225
5 Rosehill Ct Caledon
Caledon, ON
 
Expense Reduction Analysts International
(519) 927-7765
18585 Shaws Creek Rd
Caledon, ON
 
Complete Business Svc
(613) 936-6960
111 Lawrence Ave
Cornwall, ON
 
Secure Business Forms
(905) 579-3358
787 Grierson
Oshawa, ON
 
Hobb Bakker Bergin Hill
(905) 579-5659
200 Bond W
Oshawa, ON
 
Business Advisory Centre Durham Inc
(905) 438-4008
50 Richmond E
Oshawa, ON
 
Abex Central Financial Services Ltd
(705) 475-1999
92 Lakeshore Dr
North Bay, ON
 
C W Shows & Assoc Inc
(705) 324-5506
44 Hillside Dr
Lindsay, ON
 

Fast facts about Canada's underground economy

Provided By:

• 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

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