Penalties

Tax Free Savings Account (TFSA) Penalties CRA Rules for Tax Free Savings Account Investments The TFSA can be an effective investment and tax savings vehicle. In general, gains in the account remain tax free. However, there are very strict rules regarding...

CRA Gross Negligence Penalty What is a Gross Negligence Penalty? The Canada Revenue Agency (CRA) routinely applies gross negligence penalties following an audit. The financial penalty can be as high as 50% of the tax owing. If a CRA auditor has increased taxable income, a gross negligence penalty...