CRA can use arbitrary assessments to fill a filing void
A Tax Court case offers a warning about missing corporate returns. With the 2021 tax season nearly over (self-employed taxpayers and their spouses or partners still have until June 15 to file), it’s important to remind clients that failure to file a tax return or to provide appropriate backup for expenses claimed can lead to the Canada Revenue Agency issuing an “arbitrary assessment” for tax owing, along with costly penalties.
Article Written By: Jamie Golombek
Original Article Posted on: May 9, 2022