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a lot of new immigrant do not understand how the tax system works here. they would think if I took in some cash, and I won't put in the bank, then how could possilbe the revene canada know?
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well, guess what, the tax auditor don't have to know that to charge you with tax fraud.
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how could that be possible? you would ask,
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the answer is the auditor is using your expense and a guidence to calculate how much you own.
4 ~1 O: _8 k1 O0 E }% Kyou took in some cash, you will have to spend it right? the only way to avoid these detection is to put the cash in a safty deposit and Never (I mean NEVER) use it. if that's the case then what those money are good for? % b( v" K# y9 j* }
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as soon as you use it, it will be counted to your expense. I still remember an old joke saying tax auditor in north american can be as detailed as calculating how many cups of coffee you drink per day. at the time I read that joke, I didn't understand what that mean or what is the implication. now I understand, the auidtor calcuate your income by adding up every little thing you spend, and then compare to what you have claimed. if there is any descripency, you end up with have to explain where the extra money have come from. believe me it will be a lot harder than you think.
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' \* U; Y2 w) p2 |. c8 ~so the best practise? well to claim the income honestly and sleep tight is worth a lot more than a few penny saved by fraud and worries. |
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