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If you have not filed your income tax return for the tax year 2007, you have until December 31, 2017 to submit your request under the taxpayer relief provisions. The CRA administers the taxpayer relief provisions that allows them to cancel or waive penalties or interest, accept certain late, amended or revoked elections (income tax only) and refund or reduce the amount payable beyond the normal 3-year period (for individuals and testamentary trusts only.) There is a 10-year time limit on the taxpayer relief provisions which means that if you want to submit a request with regards to the 2007 tax...
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As mentioned in part 1, the deadline to file requests under the taxpayer relief provisions for the 2006 tax year or any reporting period ended in the 2006 calendar year is this coming December 31, 2016. When you submit your request to cancel or waive penalties or interest, it is important that you provide the CRA with a complete and accurate description of the circumstances to explain why your situation merits relief.  Make sure you provide all relevant information such as: -       Your name, address and telephone number; -       Your SIN, account number, partnership number, trust account number, BN, or any...
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Did you know that the CRA may grant relief from penalty or interest when certain situations prevent a taxpayer from meeting their tax obligations? These certain situations include: -       Extraordinary circumstances; -       Actions of the CRA -       Inability to pay or financial hardship; -       Other circumstances. However, the CRA’s discretion to grant taxpayer relief is limited to any period that ended within 10 years before the calendar year in which a request is submitted or an income tax return is filed. That is why, this coming December 31, 2016, is the deadline to file requests under the taxpayer relief provisions for...
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In light of the disastrous wild fires in Fort McMurray, we would like to touch on a very relevant topic:  the CRA’s Taxpayer Relief Program.  Disasters and other similar types of circumstances that can prevent a taxpayer from meeting their tax obligations (e.g. filing a tax return on time) may allow the Minister to grant a relief from penalty or interest. There are other types of situations that prevent a taxpayer from meeting their tax obligations wherein the Minister may grant relief from penalty or interest: -Extraordinary circumstances:  Penalties or interest can be waived in whole or in part when they...
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