CIFPs: Tax & Budget 2012 Update

T1135 – Foreign Income Verification Statement
2012 decision
Bruce Douglas
2008 return, due June 15, 2009
• Filed March 2010
$2,500 penalty + interest
Objected – Tax Court of Canada
“(T)his Court has held that even strict penalties
should not be applied if a taxpayer has taken all
reasonable measures to comply with the
legislation.”