About this document
Consequences of Unreported Income in Canada by Aziz Jawaid is a document available to read on EtoBox.
Unreported income can result in serious consequences from the Canada Revenue Agency (CRA). Interest accrues from the original filing date and penalties are imposed for late filings. If the CRA discovers unreported income through an audit, they may charge fines or imprisonment for tax evasion. The CRA has powers to place liens on property to recover amounts owed. Taxpayers can voluntarily disclose past unreported income to avoid prosecution but will still owe interest charges.
- Author
- Aziz Jawaid
- Language
- EN