Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

A recent Tax Court of Canada (TCC) decision shows that, despite personal feelings of sympathy, judges must follow the letter of the law.

As of January 2013, tax preparers who receive payment to prepare more than 10 income tax returns in a year will be required to file those returns electronically.

Canada and the United States are working toward improved cross-border tax compliance.

The Crown has appealed a recent Tax Court of Canada (TCC) decision that ruled penalties were criminal in nature, not civil. If the ruling is upheld, advisors will come under increased scrutiny.

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