Published: March 25, 2020
Last Updated: October 25, 2021
You have to report all worldwide income including income from the shared economy such as Airbnb or Uber. If you don’t you will be charged civil tax penalties and may be prosecuted for tax evasion. CRA is becoming increasingly sophisticated in their tax audits, They monitor social media sites to see if there are any clues as to unreported income, such as expensive purchases. They also use data mining techniques for everything from real estate flipping to credit card sales of business. When you file your 2016 tax return make sure to report all income, no matter how minor. If you have failed to report income in the past and CRA has not contacted you, you can submit a voluntary disclosure application (VDP or tax amnesty) to avoid tax evasion prosecution and civil tax penalties.
"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."