Taxes are coming soon, I need to knwo about paypal, or can i just hide it.... also what about WU in that matter?...
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Good question. I was told by two good sources (an accountant and a previous worker at H&R block) that you don't have to, but I'd like as many opinions as possible on the topic.
viki [at] realsexcash [dot] com
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bump, good question
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Ask the guys at www.sbsuite.com for free advise regarding this issue. US webmasters only please.Comment
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yo i would like to knwo about canadian law for that matter!Comment
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I don't know canadian law regarding income tax, so take this for what it's worth but if you have a paypal/epassporte, etc. account and withdraw that money into your bank/atm exactly how will Revenue Canada know? They don't have access to your bank records and if you use ePassporte the funds may never see your bank.Originally posted by 11:11am
Taxable income is only worth reporting if someone else reports it too (e.g. an employer). Then they have a record of what you made to compare to what you report.
Now, if you're living in a $500K home and your reported income is $35K/year it may raise a flag somewhere ...
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Of course you have to report it. You have to report all income.
But if you decide not to report it, then it comes down to whether or not you think you are due for an audit, and how well you think you did at hiding any tracks, and if you want to risk fines and interest charges.
If you want to sleep well at night, just report it and be done with it.Comment
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Be sure to get them to sign that so when you get tax evasion you can blame it on them lolOriginally posted by vikiI am a marketing Genius.Comment
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Ummmm i don't live in Canada... but i do live on planet earth... and i would bet my left arm that they can pull your bank records in a heart beat.Originally posted by Kevsh
get an epassport card with John Smith on it
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geez. i didn't think anyone would ever post this!Originally posted by evildick
thank you!Comment
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Definately. I've even heard of some people getting caught in their "cash" businesses because they were collecting air miles on various purchases, so they were able to pull their air miles account up and see the amount of points they were earning did not correlate to the income they were reporting. Sneaky bastards.Originally posted by LionDollarsUmmmm i don't live in Canada... but i do live on planet earth... and i would bet my left arm that they can pull your bank records in a heart beat.
get an epassport card with John Smith on it
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so nobody knows for sure, then had some good points.... greatComment
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Yes I know for sure you HAVE to report it. If you decide not to report it then make sure there is no trail. (i.e. don't transfer the funds into your bank account)Originally posted by 11:11amComment
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They don't pull records on a whim and it's not as easy as picking up the phone. If they do an audit of you, fine. But if there are no red flags (like the example I mentioned) then I don't see too much cause for concern.Originally posted by LionDollarsUmmmm i don't live in Canada... but i do live on planet earth... and i would bet my left arm that they can pull your bank records in a heart beat.
get an epassport card with John Smith on it
In the end, do what you can live with.Comment
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It's called INCOME TAX for a reason, you make money, you are supposed to record it. If you don't, the man comes looking for you -
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Okay, fine but the original question was "can i just hide it". You can.Originally posted by ProjectNakedIt's called INCOME TAX for a reason, you make money, you are supposed to record it. If you don't, the man comes looking for you -Comment
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you can hide anything you want to, just depends how big your balls are -Comment
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