For the week of October 24, 2012
► Step one: set your goals, says David Christianson
► Economic update: Dispelling global uncertainty
► Evelyn Jacks: New relationship? Beware of tax consequences
► Poll Question: Should governments increase taxes on investment income dividends and capital gains to increase revenues and meet their responsibilities?
► DISTINGUISHED PRACTICES: Tips for Real Wealth Managers™: Broader interpretation of transfer pricing
► Did You Know? Legislation in both official languages
► Tax Tips: How the CRA is helping small business
► Featured Book: Master Your Money Management
► Featured Web Tools: Featured Program: EverGreen Explanatory Notes
Taypayer relief from natural disaster
Canadians who have been affected by devastating weather conditions and have been unable to meet their tax obligations as a result can apply to the Canada Revenue Agency (CRA) for relief.
Under the Taxpayer Relief Provisions, if you have missed a payment or filing deadline because your life has been disrupted by uncontrollable weather events, including forest fires caused by lightning strikes, tornadoes, flooding, landslides and hurricanes, or other extraordinary circumstances beyond your control, you can apply to the CRA to have interest and/or penalties waived or cancelled.
Taxpayers must submit their request in writing using form RC4288, Request for Taxpayer Relief. The CRA will consider these requests on a case-by-case basis.