Taxpayers could face fines of $50 per day for failing to cooperate with the Canada Revenue Agency, up to a maximum of $25,000, according to draft amendments to the Income Tax Act outlined by the federal finance minister.
Finance Minister François-Philippe Champagne outlined draft legislative proposals for consultation in an Aug. 15 press release, saying they would implement “a range of previously announced and other tax measures.” The proposed legislation is expected to be tabled when Parliament resumes in September.
One proposal would provide the Canada Revenue Agency (CRA) with “enhanced audit powers” to obtain information from taxpayers more easily, and would include a new penalty for non-compliance, which was first reported by Blacklock’s Reporter. The enhanced audit powers were first announced by the government in Budget 2024….