Quote:
Originally Posted by Dan02
I think though this has a rather interesting side benefit these economists are ignoring. Probably the most substantial part of the underground (untaxed) economy exists within the home renovation sector, these tax credits could end up bringing a substantial amount of the under the table deals back on top so they can claim the credit.
|
This might be a bit off topic, but I think Dan nailed it. Recently the CRA is focusing more and more on the underground economy and the lost tax revenues from unreported income. The potential there is huge:
Quote:
|
In 2012, total underground activity in Canada was estimated at $42.4 billion, which is equivalent to 2.3% of the GDP.
|
http://www.cra-arc.gc.ca/nwsrm/fctsh...50501-eng.html