Flood-affected businesses get tax extension

Welcome back to work after the Canada Day long weekend!

We’ve had a heck of a go in southern Alberta the last couple of weeks, but it’s been so wonderful to see the community come together in the wake of the devastating floods. Neighbours are helping neighbours, and strangers are becoming friends.

That’s what being Canadian is all about, don’t you think?

For business owners concerned with their tax deadlines, the federal government is easing the tax deadline if you were affected by the southern Alberta floods.

Gail Shea, Minister of National Revenue and Minister for the Atlantic Canada Opportunities Agency, teamed up with Jason Kenney, Member of Parliament for Calgary Southeast, late last week to announce a deadline extension.

The Canada Revenue Agency will proactively adjust the due date for all federal business and other returns filed in Alberta that were due during the flooding, says a CRA news release. A federal business return filed by August 2, will be considered as filed on time.

“Many Albertans are struggling during these devastating floods, and our Government is here to extend our support in any way we can,” said Shea. “When disasters strike, our true priorities become clear: the protection of our families and communities. We hope that extending the filing deadline eases some of the burden of these difficult times.”

I need more help

If your business is really suffering due to the floods, the CRA may waive or reduce penalties and interest charges on a tax debt. Typically, these tax waivers or reductions result from unforeseen situations, such as a natural disaster, personal hardship, service disruptions or an error by the CRA.

You can make a request to waive or reduce your tax payment.

According to the news release, the CRA will expedite taxpayer relief requests through its general inquiries line at 1-800-959-8281 or the business inquiries line at 1-800-959-5525.

You can write to the CRA with your taxpayer relief request by usingForm RC4288.

How do I file?

If your government offices remain closed due to the flood, or you are unable to get there, the CRA recommends you use the website for quick access to tax payment services and account information.

Check the CRA’s online business section for more information.

Can you help?

We sure can. We specialize in small-business accounting and financial services. Contact one of our tax specialists and we can help you optimize the tax benefits and credits available to self-employed individuals and small businesses.

Fill out our contact form or give us a call at 403-226-8297.