Recent news alerted all Canadian online business owners that their PayPal Business Accounts will be handed over to the CRA. This will have serious tax consequences if they have Unreported PayPal Business Income. This news is a result of the Canada Revenue Agency (CRA) moving forward to aggressively address non-compliance specifically unreported income or underground economy.
This news sparked wide spread of panic and fear amongst previous calm and orderly online Canadian business community. The reasons are obvious:
The disclosed files could allow the CRA to identify people who have Unreported PayPal Business Income meaning that had business income from PayPal that were either never reported or under-reported. Further more, for those online businesses with more than $30,000 in business revenue over 12 months, which means they should be registered to collect and remit the GST/HST.
This disclosure also may identify people or corporations who owe corporate or personal income taxes. If caught Unreported PayPal Business Income, they will have to pay the tax, plus penalties and interest. If the tax avoidance is deliberate, it could be considered tax evasion and result in a criminal charge.
Unreported income with Unreported PayPal Business Income is regarded as tax evasion which can result in a range of civil or criminal penalties. Do not allow this mistake to become a crime that cannot be retracted, act now before CRA sends you a notice!
You need to quickly come to us before CRA initiates any action against you for Unreported PayPal Business Income. As soon as CRA initiates the contact, then it is too late. It could be one letter in the mail, one phone call, one personal visit, etc.
The CRA can initiate criminal charges against individuals and businesses that are suspected to intentionally evade taxes for their Unreported PayPal Business Income. A conviction in such cases usually results in a fine of up to two hundred percent of the tax evaded or imprisonment of up to five years.
If you have done similar maneuver in your taxes with Unreported PayPal Business Income, then you need to seek independent and professional advice from reputable tax firm that specialized in tax crisis relief!
If you have Unreported PayPal Business Income, then you cannot afford to wait any longer! Do something to resolve your tax problems TODAY!
We have helped clients in reducing their tax damage and negotiated excellent settlement for them. Do you need protection services for Unreported PayPal Business Income outside Canada? We have helped Canadians from all over the world to repair the damage caused by their Canadian tax problems.
Our initial consultation is FREE and CONFIDENTIAL. You will get comprehensive analysis of your tax problems and recommended solutions in the first meeting. Then you can decide what to do from there.