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Originally Posted by getthatmoney
If I were to pay taxes, I would just start from this year, and not say anything about previous years, right?
That would be one option. I'm not convinced you should start paying taxes at all and you really haven't explained why you feel like starting.
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I know zero about investing so the math doesn't seem obvious me. Any recommended reading?
BFI has a sticky with books. I assume most of them are decent although I do remember a few awful ones. I have weird views on books so don't have any personal experience.
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1. This is not illegal or tax evasion? What happens if you get caught doing this?
It isn't likely to be treated seriously. You would likely have to pay what you owe plus interest. You might have to pay a fine.
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2. How much would doing this increase the chance of getting a call from the CRA, compared to having the money sitting in a checking account? (I thought it would be a lot, but evidently no?)
I have no idea what CRA is flagging and I fairly certain it changes from time to time. I do know that I have poked them with a stick for years and years and they have been fairly pathetic in their efforts to pursue me.
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I know nothing about investing, do you have any advice?
I'd say that doing something you know nothing about is probably a bad idea. I fund myself conflicted because without investment income I feel that people are giving up a fairly necessary wealth building route but I also feel that the vast majority of people are not competent to manage their own investments.