The underground economy is growing but the Canada Revenue Agency has a plan of attack on neglectful and evasive taxpayers, say federal reports.
“The underground economy in 2021,” a Statistics Canada report released Feb. 20, said the value of unreported transactions in 2021 was estimated at $68.5 billion, or 2.7 percent of gross domestic product (GDP), as first reported by Blacklock’s Reporter. This is a 50 percent increase over the agency’s estimated figure for 2013, which was $45.6 billion, or 2.4 percent of total GDP.
“While the residential construction business has historically been the largest contributor to underground economic activity, it was particularly high in 2021, as underground economic activity in this industry increased 32.8 percent,” the report says….