Reminder -Taxpayers' 2005 Fairness Relief Ends... | KPMG | CA

Reminder -Taxpayers' 2005 Fairness Relief Ends December 31, 2015

Reminder -Taxpayers' 2005 Fairness Relief Ends...

Canadian Tax Adviser, December 08, 2015. Taxpayers have until December 31, 2015 to make a taxpayer relief request related to 2005. The deadline applies to relief requests relating to 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.

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Taxpayers and GST/HST registrants (or their authorized representatives) can make a taxpayer relief request for penalties and interest by completing Form RC4288, "Request for Taxpayer Relief-Cancel or Waive Penalties or Interest". For all other taxpayer relief requests, go to Submitting your Request.

Background

The taxpayer relief provisions in the Income Tax Act limit the discretion of the CRA to:

  • Cancel or waive penalties and interest when taxpayers are unable to meet their tax obligations due to circumstances beyond their control
  • Accept certain late-filed, amended, or revoked income tax elections
  • Issue income tax refunds or reduce income tax payable beyond the normal three-year reassessment period (only for individuals and testamentary trusts [starting in 2016, graduated rate estates only].)

These provisions only apply to tax years that ended within the 10 calendar years immediately preceding the calendar year in which a request is made.

The taxpayer relief provisions of the Excise Tax Act limit the CRA's discretion to cancel or waive interest and certain penalties. This limit applies to reporting periods that ended within the last 10 calendar years preceding the year in which a request is made.

Deadline looming

The CRA advises taxpayers that they should still make a request before the deadline, whether they are involved in a tax process with the CRA (e.g., an audit, objection or appeal) for the 2005 tax year, or a reporting period that ended in 2005, or are unsure whether they need relief. 

For more information, contact your KPMG adviser. 

Disclaimer

Information is current to December 08, 2015. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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