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The Undergrou...


The Underground Economy

 

Early in 2015 a CRA Newswire announced that on April 29, 2015 Statistics Canada released the new underground economy estimates for Canada for the period from 1992 to 2012. Some figures included:

- from 2007 to 2012 underground economy activity increased 14% compared to a 17% increase in GDP; and,

- four sectors accounted for 66% of the total estimated underground activities - residential construction (28%); finance, insurance, real estate, rental, leasing and holding companies (14%); retail trade (12%); and accommodation and food and services (12%).

CRA noted that they will analyze the results of this study to develop targeting strategies. Further, the 2015 budget proposes to provide an additional $118 million over 5 years to enhance CRA's underground economy audit efforts.
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Restrictive Cov...

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Thursday, 02 July 2020