Or President Of The United States.If you steal or cheat a thousand dollars you are a criminal or tax fraud person. If you steal or cheat one billion, you become a hero, and maybe our Prime Minister few years later.
CRA Is Coming For Your Undeclared Income
- Thread starter GameBoy27
- Start date
Only if employee does not tell his situation to his employer
You should NEVER get a refund (you overpaid) and you should NEVER owe them taxes (you underpaid)
Basic accounting
(and even if you got surprised once ok, if you get surprised yearly you or your employer are idiots)
I think this is a little too much for employers to do, and the employee is the idiot if they get dinged year after year, especially if you owe. You can request your employer take a little more off each paycheque.
Employers would have to know all your deductions, including rrsp, spousal rrsp, public transit, charitable donations, child tax credits ..... the list goes on.
To me, it would be giving the employer too much personal information.
If its close, I'm happy.
A colleague at work who emigrated about five years ago, mentioned that around August 2017 the Bank from his country of origin, demanded to have all his details including his SIN number. They gave him a deadline, that if he did not comply, they would automatically hand over all his bank account details etc. to the CRA. No doubt my colleague had been declaring all his deposits, interests and other income in his annual tax returns, so he had no problem providing the information requested. However, he was concerned about providing his SIN number. The Bank assured him that it would be kept confidential.
All the same Canada has a reciprocal agreement with various countries to obtain all the offshore bank records of it's citizens. So anyone who has not declared those accounts in the past could have issues in their forthcoming tax returns.
All the same Canada has a reciprocal agreement with various countries to obtain all the offshore bank records of it's citizens. So anyone who has not declared those accounts in the past could have issues in their forthcoming tax returns.
Your response is correct as well as obvious to most people except Teejay who lives in a world of black, white, and fantasy. There will always be things we do outside the scope of our employer's knowledge, such as the items you have listed.
I'm curious as to what the CRA estimates is the amount of undeclared income there is and how much tax they think they will collect by going after tips.
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