HIGH-GRADE NI-CU-PT-PD-ZN-CR-AU-V-TI DISCOVERIES IN THE "RING OF FIRE"

NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)

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Message: And now....the dark side of income reporting.....

And now....the dark side of income reporting.....

posted on Dec 20, 2009 04:27PM

I have been informed by accountant friends, that a number of people do not report capital gains of under $10,000 per year from stock purchases. I asked CRA about this and they said in their typical fashion, "don't worry, we'll get them eventually". At which point I said that I found that hard to believe, as they would have to hire hundreds of agents to deal with this problem. I said that it was more likely that they would deal with it on a case by case basis (e.g. - if you were being audited, they'd check everything). The CRA agent paused and said that she would look into this. Have fun with that.

Now, I DO NOT ADVISE ANYONE to not report income of any kind. My business is based on honest reporting for my clients. I am only relating information that I know of from other accountants. People get away with it, just like the underground economy gets away with not reporting any income at all.

It's a fact of life. There are dishonest people out there. But in this case, it's small potatoes, as I do believe that CRA would be on you like a flash if your gains or income were red flags. If it stands out, they'll see it.

I'm going to call CRA tomorrow as well, asking about the details with transferring to spouse/ at death/survivor/etc. Then I'll compare the answer I get with Chauncey's. IF they match (very rare, lol), then we'll know.

Chauncey, make sure to ask for a senior advisor at CRA. The clerks know less than we do.

strato

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