What are the tax consequences of not filing? You would be surprised!

Under the Income Tax Act and the Excise Tax Act, persons convicted of tax evasion can face fines ranging from 50% to 200% of the taxes evaded and up to two years imprisonment. Further, upon conviction on an indictment, a fine ranging from 100% to 200% of evaded taxes and up to five years in imprisonment can be imposed.
If convicted of fraud under Section 380 of the Criminal Code of Canada, an individual can face up to 14 years in jail.

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