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CRA To Tackle Canada's 'Underground Economy'

by Mike Godfrey,, Washington

21 November 2014

Canada's Revenue Minister has hosted the first meeting of the Underground Economy Advisory Committee, a new collaborative body that will help inform the Government's strategy for tackling the underground economy.

Kerry-Lynne D. Findlay said: "While Canada's tax system enjoys compliance rates that are among the best in the world, the illegal underground economy provides an unfair advantage to those few who break Canada's laws. This ground-breaking initiative takes collaboration to a whole new level and, most importantly, provides a stronger voice to the very businesses that are most affected by this illegal activity."

The Advisory Committee is comprised of representatives from key industry stakeholder organizations, representing a broad cross-section of the business community and tax professions. The Committee will help to strengthen the Canada Revenue Agency's working relationship with industry representatives, experts and professional organizations. It is intended to complement the Agency's engagement with other federal departments and provincial and territorial governments.

Findlay added: "Collaboration between governments, businesses, tax professionals, and other stakeholders is vital to the success of our efforts to tackle the underground economy. Our Government is taking a leadership role by providing a forum for unprecedented collaboration with industry, academic, and other levels of government. I look forward to highly productive discussions and outcomes."

In 2011, Statistics Canada estimated the value of the underground economy activity at 2.3 percent of the country's gross domestic product (GDP).

TAGS: compliance | tax | business | law | gross domestic product (GDP) | professionals | Canada | Economy

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