Tax debt seem impossible to pay off due to high interest rates and penalties imposed by the CRA? Did you know that both interest and penalties are discretionary charges?
There are ways to get the CRA to cancel, waive or reduce the interest or penalties that have been applied to your tax account.
You may be eligible for relief if any of the following situations have prevented your from meeting your tax obligations:
- Extraordinary Circumstances
- Actions of the Canada Revenue Agency (CRA)
- Inability to Pay or Financial Hardship
- Other Circumstances
Discretion can be exercised by the CRA in order to allow for late, amended or revoked elections through taxpayer relief provisions.
You can also request a refund or reduce the payable amount beyond the normal three-year reassessment period.
Contact a lawyer at Invictus LLP to find out if you are a qualified candidate for taxpayer relief.
Invictus LLP’s website contains information of a general nature, was not created to provide legal advice, and you must not rely upon it for legal advice. All tax related matters are fact-driven and will differ from the scenarios we have provided. If you have questions and need tax and legal advice, please contact al lawyer at our office for help!