Take tax deadlines seriously, says Tax Expert

by in Tax Advice Information and Updates

In a recent article on the Financial Post entitled, “Tax Expert: When it comes to taxes, deadlines are to be take seriously,” author Jamie Golombek reminds taxpayers that in most cases, tax deadlines when missed could lead to “punitive results as a recent tax case demonstrates.”

One very important deadline that we should all be aware of is the one for filing your Notice of Objection if in case we object to a tax assessment. You must submit your formal Notice of Objection to the CRA one year from your normal filing due date (generally April 30) or 90 days after the date printed on the Notice of Reassessment, whichever is later.

If you miss this deadline, CRA will still allow you to request for an extension to object. Please note that if you do request for an extension, you must be able to inform them of the reason why you are not able to make the deadline. In addition to this, you must be able to clearly demonstrate that you had the intention to object. Also, keep in mind that this extension does have a time limit – this must be applied within one year from the expiry of the normal deadline for filing your notice of objection.

Take the case of a taxpayer who participated in the Global Learning Donation Program tax shelter. She received numerous Tax Reassessments but failed to submit her objections within the time limit. She was also out of time to apply for an extension. She then applied for an extension to file a notice of objection in Tax Court saying that she did her best to comply with the law.   In the end, the judge denied her application for extension saying that “the legislative requirements are strict and relief cannot be granted on the basis of fairness alone.”

Source: , “Tax Expert: When it comes to taxes, deadlines are to be take seriously,” by Jamie Golombek, October 1, 2013, http://business.financialpost.com/2013/10/01/tax-expert-when-it-comes-to-taxes-deadlines-are-to-be-taken-seriously/

 

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