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Blogs tagged with income tax act

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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CRA Can Make You Pay Another Person’s Taxes! Say Hello to Section 160 of the Canadian Income Tax Act

Hopefully as a spouse, family, friend or business associate you never get a letter that goes like this: “Dear Mr./Ms. “X”, you received an asset from a taxpayer who knew or ought to have known he/she owed money at the time you paid less than full market value for the…

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