The taxpayer used the services of a realtor to make the purchases. The realtor indicated he would pay her a sum of money in exchange for purchasing the properties through him. This is known in industry parlance as a “real estate commission rebate,” or, in the common vernacular, a kickback.
As to the remaining unreported income amount of $261 for 2012, the taxpayer testified she was unsure as to whether its omission was made by her or her accountant. She stated it was such a small amount that she likely did not know about it.Article content continued Technically, if income wasn’t reported in two years out of four, the penalty will automatically apply. But at the 2012 Ontario Tax Conference, the CRA stated that a taxpayer who has been assessed this penalty can have it cancelled “if the taxpayer can show that he or she was duly diligent in either one of the two years in which the failures occurred.”Article content continued
The judge reviewed the circumstances that led to the commission rebate and concluded that in purchasing the condos for rental, the taxpayer had a “source of income from a business or property and that the is income from that source.”
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