Upcoming Deadline for Taxpayers' 2007 Fairness Relief | KPMG | GLOBAL

Upcoming Deadline for Taxpayers' 2007 Fairness Relief

Upcoming Deadline for Taxpayers' 2007 Fairness Relief

Taxpayers have until December 31, 2017 to make relief requests related to 2007.

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The December 31 deadline applies to relief requests that are related to the 2007 tax year and to requests that involve any reporting period that ended during the 2007 calendar year. It also applies to interest that accrued during the 2007 calendar year for any tax year or reporting period.

Background
Under taxpayer relief provisions in the Income Tax Act the CRA has the discretion 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 trusts that are graduated-rate estates only]).

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

The taxpayer relief provisions of the Excise Tax Act also give the CRA 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.

The CRA recently issued revised Information Circular IC07-1R1 (PDF 186 KB) detailing the most recent CRA administrative policies for taxpayers requesting relief under the Income Tax Act, Excise Tax Act, and certain other Acts.

For more information, contact your KPMG adviser.

Information is current to November 28, 2017. 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

© 2017 KPMG LLP, a Canada limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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