News and Insights

British Columbia Update Regarding Penalties and Interest

Tax Development Jun 02, 2016

British Columbia has revised Bulletin CTB 005, “Penalties and Interest”, to include additional reasons for applying a 25% penalty for wilful evasion or fraud to an assessment. The list now includes situations in which a taxpayer may have knowingly deducted an ineligible refund amount, and where a refund was received based on false statements or documentation.