Home Renos Targeted In War On Underground Economy

In a war on the underground economy, an Atlantic-Canada wide campaign was launched on May 18 by the CRA and the Canadian Home Builders' Association to crack down on home reno cheats and their clients operating "under the tableî. The campaign urges homeowners to "get it in writingî as part of prevention, audit and enforcement activities.

Advisors in the tax and financial services industries can be proactive in helping non-compliant service providers avoid penalties, interest and potentially jail by making themselves available to make adjustments to prior filed returns which may contain errors like understated income or overstated deductions. For more information see CRA links:

Get it in Writing Campaign

http://www.cra-arc.gc.ca/gncy/lrt/ndrgrnd-eng.html#q6

Voluntary Disclosures Oppportunities

http://www.cra-arc.gc.ca/gncy/nvstgtns/vdp-eng.html