If you are earning money through a little side hustle, business activity or other extra gig, CRA wants its fair share. The agency believes a lot of tax dollars in the past may have gone uncollected, and they aren't happy about it.
A platform economy is simply a platform that brings buyers and sellers together through the internet or mobile apps. These sources are gaining traction and popularity, and could be significant contributors to household income that has gone unreported.This one isn't new, and many will tell you that in order to make ends meet, the gig economy is where it is at.
It is important to note that the gig economy is very different then the sharing economy, which is also under the spotlight of CRA.This is where money is earned from unused assets such as a room in a home or cottage, or a vehicle.If you are using your personal assets to generate additional income by sharing them, CRA wants to know about it. People will sell their goods or services from one person directly to another person.
In other words, an endorsement for a big brand but little income reported warrants suspicion of tax evasion and an audit. Or if you rent a room via Airbnb, it will show up, as CRA has proven its effectiveness at gaining access to anyone registered with any online platform.
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