Not reporting income

We will charge a penalty if a corporation does not report an amount of income on its return for a tax year, and if it failed to report income in any of the three previous tax years. The penalty is 10% of the amount of unreported income in the year.

Reference
Subsection 163(1) of the Income Tax Act

Forms and publications

• T2 Corporation – Income Tax Guide (T4012)
• Corporation Instalment Guide (T7B-CORP)

Date modified:

2015-12-15