MISSING INFORMATION SLIPS AND CRA PENALTIES
April 7th, 2021

The Canada Revenue Agency has stepped up reviews of unreported investment income slips, most notably T3s and T5s. These reviews can bring significant penalties and interest charges. Make sure you receive all T-slips, give them to your accountant, and inquire if you believe any slips are missing.

Contact your investment adviser if you think you’re missing slips that you’d usually expect to have. If you receive or find any slips after filing your return, tell your accountant immediately so they can file an adjustment to help avoid penalties.

Posted in Tax Tips for 2020 Tax Year

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