The Dilemma: Corporate Status vs. Tax Obligations The dissolution of a corporation creates confusion regarding its tax filing obligations. The question often boils down to: Does a dissolved corporation need to be legally revived to file outstanding tax returns with the Canada Revenue Agency (CRA)? For a corporation created...
The Underused Housing Tax Act (UHTA) imposes a particularly severe penalty regime for property owners who fail to file their required returns on time. The most punitive element—often overlooked—is the December 31 late-filing rule, which can expose even tax-exempt owners to ongoing penalties as if they owed tax. For...
Missed Deadlines for Objections and the Jurisdictional Bar of the One-Year Rule The Income Tax Act sets strict deadlines for taxpayers to object to tax assessments or reassessments or request extensions. Under paragraph 165(1)(b), taxpayers—including individuals and corporations—must serve a notice of objection within 90 days of the assessment’s...