Reporting All Your Income Is Actually Beneficial To You.

The Canada Revenue Agency (CRA) is aware of the jobs at risk for under-reported income in the expanding digital economy. These jobs include ridesharing services, accommodation-sharing services, freelance and contract work, third-party selling, and online content creation.

CRA’s Digital Tax Initiatives The CRA is expanding its digital tax initiatives to identify potential tax evaders. They use robot tax agents and statistical analysis to build digital profiles, similar to how Facebook and Google build profiles for advertisers.

Importance of Declaring Full Income While workers take these opportunities to cover living costs and improve their financial situation, it is crucial to declare full incomes. Based on our experience with clients from other tax firms, failing to do so can lead to frozen bank accounts and automatic tax audits.

Penalties for False Reporting The CRA lists penalties for false reporting or repeated failure to report income accurately.

Simplifying Tax Compliance The digital economy makes it easy for you to comply with tax accounting. By using digital payment methods and asking clients to pay via e-transfers, our firm can recreate your tax accounting quickly.

Regular Installments for Self-Employed Workers If you have a ‘side business’ or are self-employed, make regular installments to the CRA. This action demonstrates your compliance with tax laws.

Identifying Tax Deductions and Credits Automating your accounting transactions makes it easier for us to identify all available tax deductions and credits. Our digital tax systems and expertise can help you claim hundreds of potential deductions and expenses that software might miss.

Benefits of Filing Taxes on Time Filing your taxes on time and accurately opens up new benefits from various levels of government. Moreover, it ensures access to your Canada Pension Plan and other government income programs.

Registering for Sales Taxes Properly registering for sales taxes allows you to claim credits and benefits for yourself.

Contact us to learn how digital accounting and digital tax can automate and eliminate your stress with filing taxes.

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