High income and offshore tax cheats are still on the CRA’s radar, but now compliancy is being forced on small town average earners like servers who may not be reporting income based on tips or seasonal workers living mostly off the grid
New York, New York (PRWEB) August 27, 2013
Business Review today releases Mark Feldstein and Associates’ warning to Canadians: the CRA is cracking down on middle-income earners, imposing fines and penalties on small operators found to be withholding income. The CRA has been targeting targeting tax avoiders including, waitresses, used-car salesmen and even maple syrup producers to help develop techniques for eradicating the ‘underground economy’ that totaled more than $38 billion in 2008. More information on the crackdown be found in an article published by the Financial Post August 5, 2013, available here, http://business.financialpost.com/2013/08/05/cra-cracking-down-on-middle-income-tax-cheats/.
The CRA conducted a two year probe that uncovered almost $2 million in unpaid taxes and laid another $500 thousand against modest-income earners in fines and interest.
“These pilot projects reviewed more than 4,000 tax accounts in remote or sparsely populated areas in Northern British Columbia during the oil and gas boom. These are areas where there was once limited interaction with the CRA,” says Mark Feldstein, Founder of Mark Feldstein and Associates, “High income and offshore tax cheats are still on the CRA’s radar, but now compliancy is being forced on small town average earners like servers who may not be reporting income based on tips or seasonal workers living mostly off the grid.”
The CRA is making itself known in Canadian areas whenever there is a new resource boom.
The CRA has not laid any criminal charges as a result of the pilot projects, yet the timing allows the agency to increase its visibility and position itself as the Canadian economy begins to gain global strength. Canadians who willingly or unwillingly withheld reporting income on the taxes can contact a Mark Feldstein and Associates accountant for assistance or to file for the voluntary disclosure program to avoid severe fines and penalties.
Mark Feldstein & Associates, Chartered Accountants, provide a wide range of professional services to businesses and individuals. To ensure clients receive the best advice in each area, Mark Feldstein & Associates hire only seasoned specialists who, in turn, devote a good portion of their time to upgrading their skills through in-depth professional development. Mark Feldstein has been practicing public accounting since 1982. He has experience in a wide variety of industries, including retail, voluntary disclosure, manufacturing, importing and exporting, wholesale distribution, technology, restaurants, law firms, engineering firms, architecture firms, education, IT consultants, wealth preservation planning, forensic investigations, internet service providers and construction.
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