Canada Revenue Agency is cracking down on individuals and companies who use the services of Cheque cashing services. Institutions like Cash Money or Money Mart are the targets of a new round of CRA audits, specifically seeking patrons who are self-employed and not reporting their revenues & HST by depositing the payments from clients into different banks than their own. CRA investigations can lead to Civil & criminal assessments with penalties as well.
If you have been using Cheque Cashing services, you could be the next target.
Call our office to discuss Voluntary Disclosure Programs, and how to be compliant with CRA before the CRA contacts you !