07-17-2006, 10:02 AM
Quote: With more and more budding entrepreneurs plying their trades online, Canada's underground economy is soaring through cyberspace in a big way, experts say.
"There's always been an underground economy with some businesses, but the Internet's going to cause a proliferation in the opportunities available," said Rick Broadhead, a Toronto-based expert on electronic commerce. "There's a lot more people running home businesses through EBay than there were 10 years ago."...
Broadhead said e-commerce exacerbates the problem because budding entrepreneurs often won't know their tax obligations, and the government does a poor job educating them.
According to a Canada Revenue Agency website primer, a sole proprietorship must register for the GST if annual taxable revenues top $30,000. Income tax must be paid on all revenue generated through the business...
full article: http://money.canoe.ca/News/Economy/2006/...9-sun.html