Tips & Advice

We are pleased to provide a variety of resources on accounting, taxation and other related subjects that we hope will be helpful to both individuals and businesses. Read through our blog posts below or browse through our Quick Tools resource menu at right. Have a question that isn’t answered here? We can help. Simply contact us by email or give us a call at 807-276-6272. We would be happy to meet with you for a free, no-obligation consultation.

The Importance of reporting ALL income from information slips

Many people assume that if they fail to include an information slip with their income tax return, the Canada Revenue Agency ("CRA") will simply adjust the return to report the income and adjust the income tax accordingly.This is half correct!The other half of the equation is a little known penalty the CRA imposes for repeated failure to report income. This penalty arises when an income slip is not added in your tax return two times in a three year period.

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