Posts Tagged ‘personal tax’

Failed to report income on your tax return again? Be prepared for steep penalties

Posted on: October 29th, 2014 by Real Estate Accountants No Comments

Did you know that if you forget to report income on your personal tax return in one year and then accidentally repeat in the next 3 years following, the CRA will charge you a penalty of 20%? Yes, that’s right, 20%. How is the penalty determined? This is how it works: If in 2010, 2011 […]