A number of tax documents and information are required to complete your income tax return. An area of ongoing concern is the increase in CRA reviews related to unreported investment income slips, most notably T3’s and T5’s. These reviews can result in significant penalties and interest charges being assessed by CRA. Be diligent in ensuring that all T-slips are received by you and provided to your accountant. Do not hesitate to make enquiries if you believe any slips are missing.
Contact your investment advisors if you believe you are missing slips you would ordinarily expect to receive. If any slips are received or found after your return has been filed, please notify your accountants immediately so that they can take steps to file an adjustment to your return so as to minimize the possibility of penalties.
Posted in Tax Tips for 2016 Tax Year
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