Earlier this month, the Federal Court approved a request by the CRA to require J.D. Irving to fork over the trove of significant data dating back to Jan. 1, 2019, as part of the tax agency’s fight against the underground construction economy.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
J.D. Irving will also have to send CRA a list containing known identification, contact, payment and banking information of all tradespeople, contractors and installers who perform building or installing services for Kent Building Supplies customers. Kidd’s affidavit also reveals the CRA has turned its attention towards potential tax fraud and evasion in the construction industry in Atlantic Canada specifically.
“The underground economy results in lost jobs and hinders economic growth. It erodes the integrity of Canada’s tax system and compromises the competitiveness of businesses, particularly small businesses,” CRA spokeswoman Hannah Wardell said in a statement. Lawyer David Piccolo, a partner at Tax Chambers, says this UPR likely has “multiple levels” of targets.
Piccolo also said the data obtained could also eventually lead the CRA to house-flippers who did not pay the requisite harmonized sales tax on renovations.
Ruh roh. Cheque must have bounced on that hotel room in London
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: nationalpost - 🏆 10. / 80 Read more »
Source: nationalpost - 🏆 10. / 80 Read more »
Source: OttawaCitizen - 🏆 21. / 68 Read more »
Source: calgaryherald - 🏆 64. / 52 Read more »