What is the penalty for Repeated failure to report income ?

You may have to pay a federal and provincial or territorial penalty if you fail to report an amount of $500 or more on your :

• 2023 tax return
• 2020, 2021 or 2022 tax returns

The penalty is whichever amount is less :

• 10% of the amount you failed to report (federal and provincial or territorial)
• 50% of the difference between:
• the understated tax or overstated credits for the amount that you failed to report
• the tax withheld from the amount you failed to report

False reporting or repeated failure to report income - Personal income tax - Canada.ca (opens in a new tab)