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.

Live To Learn
(905) 951-9626
166 Allan Dr
Bolton, ON
 
Schwab Management Co
(519) 332-1228
112 Russell St
Sarnia, ON
 
Custom Quality Svc
(519) 542-1677
830 Champlain Rd
Sarnia, ON
 
Kawartha Lakes Cmmnty Futures
(705) 328-0261
189 Kent St W
Lindsay, ON
 
Hobelaid Cheryl Hobeland
(519) 542-5533
1649 Murphy Rd
Sarnia, ON
 
Scave Investments Ltd
(905) 951-7000
12295 Highway 50 #7
Bolton, ON
 
Casey Wratten & Assoc
(519) 759-2424
44 King St #206
Brantford, ON
 
Lougheed & Assoc
(613) 933-9669
744 Glengarry Blvd
Cornwall, ON
 
Hobb Bakker Bergin Hill
(905) 579-5659
200 Bond W
Oshawa, ON
 
Niagara Falls Business Self
(905) 356-7521
4310 Queen St
Niagara Falls, ON
 

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