If the CRA suspects any unreported income, they will conduct an audit, and potentially issue a reassessment. If there is a subsequent failure to report income, you may be subject to the “Repeated failure to report income” penalty.

Also, if a failure to report income amounts to gross negligence, then you may be subject to the “False statements or omissions” penalty

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only and is a general discussion of certain legal matters. It is not, and should not be taken as legal advice. You should not rely on or take or fail to take any action based on this information. If you require legal advice, we would be pleased to discuss resolutions to specific legal concerns you may have.