BEHIND IN FILING YOUR TAXES??? CRA HAS RELIEF PROVISIONS...

Since the 1990s, the taxpayer relief provisions of the various Acts administered by the Canada Revenue Agency (CRA) have enabled it to help taxpayers who, because of circumstances beyond their control, are unable to meet their tax obligations.

The CRA is aware that sometimes taxpayers may face unforeseen circumstances, which prevent them from meeting their tax obligations. These circumstances could be personal misfortunes (sickness, death in the family), natural disasters (fire, floods), service disruptions (postal strike), or an error by the CRA (incorrect information).

The CRA administers various legislations with taxpayer relief provisions that give the Minister of National Revenue discretion to:

• cancel or waive penalties and/or interest;
• accept certain late-filed, amended, or revoked elections (income tax only); and
• issue income tax refunds or reduce the amount payable beyond the normal three-year period (individuals and testamentary trusts only).

Let Cope, Barrett & co, Certified General Accountants help you to get on track and stay there.  Often interest and penalties cost far more than just getting the tax returns prepared by us, and the bonus to you is a good night's sleep and worry-free days.  Contact me today 613-962-2151 or 613-476-2150

Did you know?

-          Debt consolidation can reduce your interest expense, allow you to save more money, and possibly retire years sooner. You may be able to replace your credit card debt or other high interest debt with a Line of Credit or Home Equity Loan. A fun read that provides a debt reduction strategy can be found in the book, The Fireman and The Waitress, by Dessa Kaspardlov.

-          If you are a retiring business owner, and worked for your corporation prior to 1996, you may be able to pay yourself a tax free retiring allowance. The Canada Revenue Agency allows for additional RRSP contribution room for years worked prior to 1996.

-          Your business can pay your medical expenses if you set up a  Health Spending Account. What is usually an out of pocket expense, can become a tax deductible expense for your corporation.

-          If you have recently launched a Microfit Project with the Ontario Power Authority, you may be eligible for a refund of the HST you paid for the project.

-          If you have been treated poorly by the Canada Revenue Agency (CRA), you can file an RC 193 to voice a complaint. The CRA provides this mechanism to allow taxpayers to file complaints about undue delays, poor or misleading information, staff behavior and mistakes that could have resulted from misunderstandings, omissions or oversights. There are also other appeal procedures, if you disagree with a tax assessment.

We provide direct links to government agencies, and financial calculators from our website www.copebarrett.ca