What is the underground economy? It is when people partake in business activities and work but do not report that income on their tax returns or pay the appropriate amount of sales tax. This ‘industry’ is estimated to be an over $42 billion dollar per year conglomerate in 2015 alone, it has undoubtedly grown since then.

Why is this an issue you ask- becaus...

Filing deadlines:

• April 30 (most filers)

• June 15 (self-employed filers and their spouses or common-law partners)

• June 30 (TFSA return) 

 RRSP contribution deadline: 

• February 28

October 3, 2016, the Government of Canada announced an administrative change reporting requirements for the sale of a principal residence.

Starting with the 2016 tax year when you sell your principal residence or when you are considered to have sold it, you will be required to report basic information (date of acquisition, proceeds of disposition and descr...