Chamber of Commerce – General Meeting February 25, 2010
| Business |
By Jason Ryll
The Williams Lake & District Chamber of Commerce held its monthly general meeting this past Thursday, February 25th at the Signal Point Gaming Centre. The business crowd numbered around 80, with members there for the networking, as well as to hear the guest speakers for the month.
(Photo: Sheila Sherlock, Senior Tax Auditor from the Canada Revenue Agency.)
This month the Chamber featured another timely guest speaker in Sheila Sherlock, Senior Tax Auditor from the Canada Revenue Agency, based out of the Audit division in Prince George. Sherlock addressed the crowd informing them of CRA’s focus and intentions for this year--discussing what’s being referred to as the Underground Economy (UE) and the impact it’s having on traditional taxpayers.
Sherlock explained that the UE typically involves commercial activity that is unreported for tax purposes. Underground economic activity is particularly prevalent in industry sectors where cash transactions are common, such as hospitality, automotive repairs and construction, including home renovations.
She said that this year the CRA is focused on auditing those in the auto service industry, while next year the focus will be on retailers---especially those who do not report all taxes in a tax period. Audits tend to focus on what’s ‘not in the books’.
An example of a business involved in the UE is a contractor who does work ‘on the side’ and does not remit taxes for the work done and the transaction goes by unreported. This kind of practice not only has a negative impact on government, but also hurts other businesses because it offers an unfair, illegal advantage to those who fail to comply with Canada's tax laws, Sherlock explained.
The goal of the CRA and their UE Outreach program is being done by extending community visits, meeting with businesses, and interacting with local trades groups with the goal of educating the taxpayers to be aware of the UE.
More information on the Underground Economy, the impacts it has on taxpayers and on the CRA can be found at the CRA’s website www.cra-arc.gc.ca/gncy/lrt/ndrgrnd-eng.html, or by contacting Sherlock in Prince George at 250-561-5409. The next general meeting for the Chamber of Commerce is scheduled for March 25th at the Signal Point Gaming Centre. Call the Chamber to reserve your tickets at 250-392-5025.
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