02/21/2026
why gathering every single document is essential before you hit “submit.”
1. The “Repeated Failure to Report Income”
Penalty
This is the most significant financial risk. The CRA is surprisingly forgiving of a first-time mistake; they will usually just adjust your return and charge a bit of interest. However, if you forget a slip (like a T4 or T5) twice within a four-year period, they can trigger a heavy penalty.
• The Penalty: The lesser of 10% of the amount you failed to report, or 50% of the difference between the tax you paid and what you actually owed.
• Why it happens: The CRA already has copies of your slips from your employer or bank. Their systems automatically cross-reference your return with their records. If there’s a mismatch, they will find it.
We charge $30 for basic tax filling you can visit our website Keentax.ca and submit your tax documents and Forms .
