False statements or omissions

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http://www.cra-arc.gc.ca/tx/bsnss/tpcs/crprtns/pymnts/pnlts/fls-eng.html

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False statements or omissions

We will charge a penalty if a corporation, either knowingly or under circumstances of gross negligence, makes a false statement or omission on a return. The penalty is the greater of either $100 or 50% of the amount of understated tax.

Note

If a corporation is charged a penalty for making a false statement or omission, the corporation cannot be charged a penalty on the same amount for failing to report income.

Reference
Subsections 163(1) and (2) of the Income Tax Act

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Date modified:
2015-12-15