Taxpayer Relief Provisions : Tax tips

Taxpayer Relief Provisions

The Canada Revenue Agency (the Canadian income tax department) has changed the name of "Fairness" to Taxpayer Relief. This is the discretion given to the Minister of National Revenue to provide the following relief where warranted by the taxpayer’s circumstances:

 

• cancel and waive penalties and interest;
• accept certain late-filed, amended, or revoked income tax elections;

• issue income tax refunds beyond the normal three-year period to an individual and a testamentary trust.