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Blogs tagged with gross negligence penalties

How to Combat Gross Negligence Penalties

Scenario: CRA has gathered information, through a tax audit or any other proper process, and issues you an assessment. The tax and interest (compounded daily) is bad enough, but then you really get the punch in the gut when you see they have assessed a gross negligence penalty. Now what?…

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3 Steps to Getting Rid of Gross Negligence Penalties

Gross negligence penalties are imposed under subsection 163(2) of the Income Tax Act and are applied when the CRA can demonstrate that an individual “knowingly, or under circumstances amounting to gross negligence, has made or has participated in, assented to or acquiesced in the making of, a false statement or omission…

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