Précis: Ms. Robichaud claimed a business loss of $354,351.72 in 2008 which she applied to eliminate her taxable income in 2008 and she carried the balance back to 2005, 2006 and 2007. The Minister denied the loss claims and imposed a gross negligence penalty of $46,698.91 in her 2008 taxation year. Mrs. Robichaud had not carried on any business activity in 2008. The only issue in this appeal was the imposition of the penalty.
Robichaud v. R. - TCC: Gross negligence penalty affirmed - fictitious business lossREAD MORE »