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In the case of Boucher v. The Queen, 2004 FCA 47, the Federal Court of Appeal held that penalties can be applied for unreported income even if the unreported income is offset by losses of previous years.

Disclaimer:

"This article provides information of a general nature only. It is only current at the posting date. It is not updated and it may no longer be current. It does not provide legal advice nor can it or should it be relied upon. All tax situations are specific to their facts and will differ from the situations in the articles. If you have specific legal questions you should consult a lawyer."

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