Tax Tips, Advice and Articles

I didn't receive a tax slip. Should I be concerned?

You should be very concerned about the "Repeated failure to report income penalty:"

If you do not report a tax slip *and* you have failed to report any other tax slip during any of the previous three (3) taxation years, you can be charged with this penalty. The penalty is 10% of the income reported on the slip - yes, 10% of the income. When the conditions are met, the penalty applies automatically without allowing any exercise of discretion. There is no defence against this penalty. It does not depend on any attribution of blame or responsibility.

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