Sheldon’s Tax Tips #5

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This is my brother Blaze he is always looking for a cash deal. I love him but he is not a licensed professional. Blaze is part of what CRA calls the “Underground Economy” aka moonlighting, working under the table and working for cash.

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There are two types of cash transactions.

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1. Purchasing goods or services at a legitimate business and receiving a receipt.

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2. Purchasing goods or services without a receipt to avoid paying tax.

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When you avoid paying the tax you are considered part of the “Underground Economy”

Consumers & Businesses can learn more about who is at risk from here.

https://www.canada.ca/en/revenue-agency/corporate/about-canada-revenue-agency-cra/tax-alert/about-underground-economy.html