30 October 2012 Ontario CTF Roundtable, 2012-0462921C6 - Ontario CTF - 163(1) Penalty -- summary under Subsection 163(1)

CRA answered several questions about s. 163(1):

  • A taxpayer who does not file a return cannot be subject to s. 163(1) penalties for the relevant taxation year.
  • The potential of s. 220(3.1) penalties to drastically and unfairly exceed s. 163 penalties (discussed in Knight, for example) has been brought to the Department of Finance's attention several times.
  • "The CRA does not routinely afford taxpayers the opportunity to make submissions on due diligence before a section 163(1) penalty is assessed." Such submissions will typically be considered at the objections stage.
Topics and taglines
Topic
Income Tax Act - s. 163(1)
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
313398
d7 import status
Drupal 7 entity type
Node
Drupal 7 entity ID
342889
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