Unraveling the Impact of Canada’s Underground Economy on Taxes
Andre Roncea2023-04-27T14:20:18-04:00The Canadian underground economy, often hidden from plain sight, has a considerable and lasting impact on the tax system and the nation's financial landscape. This shadow economy comprises unreported income and transactions that evade taxes and government regulations. While it may appear harmless to some, it carries far-reaching consequences for individuals, businesses, and the Canadian economy as a whole.
In this blog, we will delve into the scope of the Canadian underground economy, its impact on taxes, and the benefits missed when income is not reported. We will also discuss how MiAccounting, a top accounting firm in Canada, assists Canadians in staying compliant and reporting their taxes accurately. Lastly, we will conclude with a call to action for all Canadians...