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The Importance of reporting ALL income from information slips
Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly. This is half correct! The other half of the equation is a little-known penalty the CRA imposes for repeated failure to report income. This penalty arises when an income slip is not added to your tax return twice in a three-year period.
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