Fast facts about Canada's underground economy Windsor ON

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

Custom Quality Svc
(519) 542-1677
830 Champlain Rd
Sarnia, ON
 
Christopher Gordon Associates Ltd
(705) 495-1760
160 Pinewood Park Drive
North Bay, ON
 
Abex Central Financial Services Ltd
(705) 475-1999
92 Lakeshore Dr
North Bay, ON
 
Ontario March Of Dimes
(905) 357-1132
6995 Ailanthus Ave
Niagara Falls, ON
 
Ywca-Niagara Falls
(905) 357-9922
6135 Culp St
Niagara Falls, ON
 
Venture Associates
(613) 937-4888
RR 3 Lcd 1
Cornwall, ON
 
George & Assoc
(519) 336-5519
PO Box 8 STN Main
Sarnia, ON
 
Scave Investments Ltd
(905) 951-7000
12295 Highway 50 #7
Bolton, ON
 
Hobb Bakker Bergin Hill
(905) 579-5659
200 Bond W
Oshawa, ON
 
Robert Sykes & Assoc
(519) 351-5328
392 Park Ave E
Chatham, 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