2006 Fairness Relief Ends December 31, 2016 | KPMG | CA

Reminder - Taxpayers' 2006 Fairness Relief Ends December 31, 2016

2006 Fairness Relief Ends December 31, 2016

Taxpayers have until December 31, 2016 to make a taxpayer relief request related to 2006.

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The deadline applies to relief requests relating to: 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.

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".

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.

For more information, contact your KPMG adviser.

Information is current to December 13, 2016. 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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