26 Nov 2013

You still have a few days left to ask for a reprieve from tax penalties and interest from 2003.

The Canada Revenue Agency has laws that allow for the cancellation or waiver of penalties and interests when taxpayers are unable to meet their tax obligations in select cases.

It can also:

  • Accept certain late-filed, amended or revoked income-tax elections
  • Issue income tax refunds
  • Reduce income taxpayable beyond the normal three-year period

There is, however, a 10-year limit to this allowance.

The deadline applies to taxpayer relief requests for:

  • The 2003 tax year
  • Any reporting period that ended during the 2003 calendar year
  • Any interest and certain penalties that accrued during the 2003 calendar year, for any tax year or reporting period

So, if you have an audit, objection or appeal related to the 2003 tax year in progress, you have to apply to request relief before Dec. 31, or next Tuesday.

Start your taxpayer relief request by downloading and filling outForm RC4288, Request for Taxpayer Relief.

Here to help

A1 Accounting, a Calgary accounting and bookkeeping firm, is here to assist you with your taxes and planning. We specialize in personal taxes and 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.