ITA Reference |
Offence |
Penalty |
162(1) |
Failure to file a tax return by required date. |
5% of unpaid tax, plus 1% of unpaid tax for each month in arrears (maximum 12 months). |
162(2) |
Second offence within three years of first offence. |
10% of unpaid tax, plus 2% of unpaid tax for each month in arrears (maximum 20 months). |
163(1) |
Failure to report income for second time within three years of first time. |
10% of unreported income. |
163(2) |
Evasion – gross negligence. |
Greater of $100 and 50% of the increased liability on the under-reported income. |
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