Published: February 11, 2021
All Canadians are required to report all of their transactions including transactions carried out in cash. Failure to do so will result in civil tax penalties plus criminal tax prosecution. You will be able to avoid prosecutions and penalties by successfully filing a voluntary disclosure.
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."
