Date: 20010514
Docket: 98-701-IT-I
BETWEEN:
MARIO LEMAY,
Appellant,
and
HER MAJESTY THE QUEEN,
Respondent.
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For the Appellant: The Appellant himself
Counsel for the Respondent: Mounes Ayadi
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Reasons for Judgment
(Delivered orally from the bench on June 3, 1999, at Montréal, Quebec)
P.R. Dussault, J.T.C.C.
[1] Based on the principles laid down in the two decisions given to me by Mr. Ayadi, I unfortunately must dismiss the appeal. Taxpayers do not necessarily have to wait to report their income until they have received their T3s, T4s or T5s. Taxpayers who make investments receive other documents, and if they realize when preparing their income tax returns that some papers are missing, I think they must ensure that they report all income they have received from the investments mentioned in the documents they have received. It is not necessary to wait until the T4 or T5 documents have been received where, as here, this happens on a recurring basis. In view of these circumstances, the penalty is upheld.
[2] Mr. Lemay, I do not believe that what you have told me constitutes proof of due diligence. I must, therefore, impose the penalty under subsection 163(1) of the Income Tax Act. Accordingly, your appeal is dismissed.
Signed at Ottawa, Canada, this 14th day of May 2001.
"P. R. Dussault"
J.T.C.C.
[OFFICIAL ENGLISH TRANSLATION]
Translation certified true on this 12th day of June 2001.
Stephen Balogh, Revisor