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.

Imposing taxes retroactively seems contrary to a rational, moral approach to taxation, but it is legal.

Taxpayers and all tax registrants have until Dec. 31, 2012 to file requests under the taxpayer relief provisions for the 2002 tax year and any reporting period that ended during the 2002 calendar year.

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In 2013, you will be able to contribute an additional $500 to your Tax-Free Savings Account (TFSA), taking the annual contribution limit to $5,500.