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.

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Original Article Source Credits: Advisor's Edge, https://www.advisor.ca

Article Written By: Jamie Golombek

Original Article Posted on: May 9, 2022

Link to Original Article: https://www.advisor.ca/magazine-archives_/advisors-edge_/cra-can-use-arbitrary-assessments-to-fill-a-filing-void