Sent: Tuesday, February 21, 2006 10:28 AM
To: taxman at centa.com
Cc: CENTAPEDE; Webmaster at Jurock. Com
Subject: "Private" Rental Income Taxable?
David,
I submitted the question to you long ago, but my guess is that
because the practice I describe is so widespread, it's become
part of our cultural mosaic.
Is income from in-house suites taxable as income? My entire
neighbourhood and nearly everyone I know rents out a suite (my
neighbours have 1-4 suites in their homes), bring in
"international students", or otherwise generate significant
incomes from their homes without ever reporting the income. They
tell me that their accountants say it's not necessary, because
"mortgage helpers" and "visitors" aren't of any concern to CRA.
I'm one of these upper-middle income salary earners horsewhipped
by income taxes. The whipping might be subdued somewhat if the
vast number of evaders--suite renters, cash tradesmen, paid
their share?
----------------------------------------
david ingram replies:
You can tell them from me that one of my clients just went
bankrupt and lost everything because he had 4 or 5 Japanese
students living in his house for the past ten years. The CRA
went back 8 years and started a criminal prosecution as well -
but it was stopped for some unknown reason - because the $24,000
to $30,000 gross he was getting was gross tax evasion.
The CRA seemed to be satisfied with the bankruptcy.
If you want to have fun, write three or four anonymous letters.
david
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