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 the CRA. We urge you to be very diligent in ensuring that all T-slips are received by you and provided to your accounting professional – and to make enquiries if you believe any slips are missing.
If you believe you are missing slips that you expected to receive, it is important to contact your investment advisor(s) immediately. If any slips are received or found after your return has been filed, please notify your accounting professional immediately so that they can take steps to file an adjustment to your return with the goal of minimizing the possibility of penalties.
Posted in Tax Tips for 2018 Tax Year
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