|By Marketwired .||
|July 7, 2014 11:10 AM EDT||
OTTAWA, ONTARIO -- (Marketwired) -- 07/07/14 -- Before you begin a construction or renovation project, remember this: there are significant risks if you accept cash for the job without reporting your income.
Contractors caught not reporting cash income face serious consequences, such as penalties, court fines, and even jail time, in addition to having to pay the taxes they are trying to evade, plus interest.
Consumers may think they are getting a deal by paying cash and avoiding taxes, but it can leave them with no warranty, no recourse for poor workmanship, and the added risk of liability if an injury takes place on their property.
Enforcing tax laws The Canada Revenue Agency (CRA) enforces the tax laws to make sure everyone pays the correct amount of taxes they owe. This means fair treatment for all taxpayers and protecting the social and economic well-being of all Canadians.
CRA auditors and investigators can find unreported income, even when cash transactions are involved and proper records are not kept, by:
-- conducting a lifestyle audit when an individual seems to be living beyond his or her means; -- comparing an individual's reported income or expenses to industry or regional averages; -- following up on leads received from informants, enforcement agencies, and other tax authorities; and -- comparing the information on tax returns to information received from third parties.
See Publication RC4406, Will you do the job for cash? for more details.
Voluntary Disclosures Program
If you have ever made a tax mistake or omission, the CRA is offering you a second chance to make things right through its Voluntary Disclosures Program (VDP). If you make a valid disclosure before you become aware that the CRA is taking action against you, you may only have to pay the taxes owing plus interest. More information on the VDP can be found on the CRA website at www.cra.gc.ca/voluntarydisclosures.
Report participation in the underground economy
If you know of a taxpayer who is not following the tax laws, let us know. We will review the information and when warranted take appropriate compliance action. For more information and a contact number, go to Informant Leads Program.
Stay connected (www.cra.gc.ca/socialmedia)
To receive updates when information is added to our website:
Follow the CRA on Twitter @CanRevAgency.
Subscribe to a CRA electronic mailing list.
Add our RSS feeds to your feed reader.
Also, visit our YouTube Channel for tax-related videos.
Canada Revenue Agency
As the rapid adoption of containers continues, companies are finding that they lack the operational tools to understand the behavior of applications deployed in these containers, and how to identify issues in their application infrastructure. For example, how are multiple containers within an application impacting each other’s performance? If an application’s service is degraded, which container is to blame? In the case of an application outage, what was the root cause of the outage?
May. 3, 2016 12:45 PM EDT Reads: 1,019
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
May. 3, 2016 12:30 PM EDT Reads: 1,146
SYS-CON Events announced today that Ericsson has been named “Gold Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Ericsson is a world leader in the rapidly changing environment of communications technology – providing equipment, software and services to enable transformation through mobility. Some 40 percent of global mobile traffic runs through networks we have supplied. More than 1 billion subscribers around the world re...
May. 3, 2016 12:30 PM EDT Reads: 1,195
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
May. 3, 2016 12:30 PM EDT Reads: 749
May. 3, 2016 12:15 PM EDT Reads: 1,575
May. 3, 2016 12:00 PM EDT Reads: 1,341
May. 3, 2016 11:30 AM EDT Reads: 1,091
May. 3, 2016 11:30 AM EDT Reads: 880
May. 3, 2016 11:15 AM EDT Reads: 1,019
May. 3, 2016 11:00 AM EDT Reads: 1,141
May. 3, 2016 11:00 AM EDT Reads: 747
May. 3, 2016 10:45 AM EDT Reads: 859
May. 3, 2016 10:30 AM EDT Reads: 1,188
May. 3, 2016 10:30 AM EDT Reads: 565
May. 3, 2016 09:45 AM EDT Reads: 1,408