But the CRA in June 2022 issued a Notice of Reassessment that included the omitted income from the RBC T5 slips. The agency also charged him more than $70,000 in arrears interest on the amount reassessed. (No penalty was imposed because it was the taxpayer’s first income omission in the...
If you apply a loss to a return for a previous year, you will not reduce any late-filing penaltythat applies to the T3 return for the tax year to which you apply the loss. • For more information, see lines 33 and 34 in Guide T4013, T3 Trust Guide. You can get the guide at ...