out-of-time-stress

CRA is reminding taxpayers and registrants that they have until December 31, 2015 to make a taxpayer relief request related to 2005.

The deadline applies to taxpayer relief requests for:

  • the 2005 tax year;
  • any reporting period that ended during the 2005 calendar year; and
  • any interest and penalties that accrued during the 2005 calendar year for any tax year or reporting period.

Read: 5 strategies for tax-efficient investing

The law allows CRA to cancel penalties or interest when taxpayers and registrants are unable to meet their tax obligations due to circumstances beyond their control. CRA may also accept certain late-filed, amended, or revoked income tax elections, and issue income tax refunds or reduce income tax payable beyond the normal three-year reassessment period.

Taxpayers and registrants, or their authorized representatives, can make a request to CRA to cancel penalties or interest by filling out Form RC4288 Request for Taxpayer Relief – Cancel or Waive Penalties or Interest.

Originally published on Advisor.ca

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