CRA’s Tax Myths List

The CRA warns that accepting the following myths “as fact could have serious legal implications for you, including fines, penalties and even jail time plus any taxes, penalties & interest owed”.The Tax Myths are:

  • You can withdraw funds from a self-directed RRSP tax free.
  • Some individuals claim to be exempt from paying HST/GST and have a card to “prove” it.
  • The Income Tax Act is unconstitutional and the CRA cannot enforce it.
  • The CRA performs “e-audits” using email.
  • Winners of lotteries and sweepstakes must pay fees and taxes to CRA before claiming their prize.

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