Quote:
Originally Posted by Strange Brew
I wouldn't necessarily put it that way. It changes the rules, but it's not like whatever off the bookh income you're talking about gets taxed through consumption taxes. Especially if that o income is used to purchase foreign assets like real estate and travel.
edit: Although a pure consumption tax certainly makes filing your taxes and enforcement a whole lot simpler.
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I would guess that most of the off-the-books economic activity in Canada is in the trades. I know a couple commercial painters in their 40s who have never paid income taxes. Ever.
These guys aren’t funnelling money into foreign assets. They’re the sorts of people who would at least be putting something into the public coffers with increased consumption taxes.