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Canada Issues Tax Relief Deadline Reminder

by Mike Godfrey, Tax-news.com, Washington

26 December 2016

The Canada Revenue Agency (CRA) has issued a reminder to taxpayers and registrants that they have until December 31, 2016, to make a taxpayer relief request related to 2006.

Taxpayer relief is limited to tax years or reporting periods that ended within 10 calendar years of the year the taxpayer relief request is made. The CRA may also cancel interest and penalties that accrued within 10 calendar years of the year the relief request is made, regardless of the tax year or reporting period in which the debt originated.

The December 31, 2016, deadline applies to relief requests for: the 2006 tax year; any reporting period that ended during the 2006 calendar year; and any interest and penalties that accrued during the 2006 calendar year for any tax year or reporting period.

The CRA said that taxpayers and registrants or their authorized representatives can make a request to the CRA to cancel penalties or interest by filling out Form RC4288 and providing all supporting documentation.

The CRA administers the taxpayer relief provisions that give it discretion to cancel or waive penalties or interest when taxpayers and registrants are unable to meet their tax obligations due to circumstances beyond their control. It 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 period.

TAGS: tax | interest | revenue guidance | tax authority | Canada | penalties

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