Don’t Leave Money on the Table from 2003 | FBC, Canada's Farm & Small Business Tax Specialist

Don’t Leave Money on the Table from 2003

Don’t Leave Money on the Table from 2003

taxpayer reliefThat’s right! 2003.

File For Your 2003 Taxpayer Relief Before December 31, 2013

It may be hard to remember what happened 10 years ago, but there may actually be money you’re leaving on the table that you’ve forgotten about.

You have until the end of this year to make a request to the Canada Revenue Agency for relief from penalties and interest.

Taxpayers and registrants (for both GST/HST and non-GST/HST purposes) have until December 31, 2013, to make a taxpayer relief request related to 2003.

The deadline applies to taxpayer relief requests for:

  • The 2003 tax year
  • Any reporting period that ended during the 2003 calendar year
  • Any interest and certain penalties that accrued during the 2003 calendar year, for any tax year or reporting period.

Taxpayer Relief

The various laws that the CRA administers allow for the cancellation or waiver of penalties and interest when taxpayers and registrants are unable to meet their tax obligations due to circumstances beyond their control.

The CRA may also accept certain late-filed, amended, or revoked income tax elections, and issue income tax refunds or reduce income tax payable beyond the normal three-year period.

Taxpayer relief provisions are limited to a 10-year period.

This means that the CRA may grant relief related to any tax year or reporting period that ended within 10 calendar years of the year the taxpayer relief request is made.

The CRA may also cancel or waive interest and certain penalties that accrued within 10 calendar years of the year the taxpayer relief request is made, regardless of the tax year or reporting period in which the debt originated.

Do you think you have a case for taxpayer relief? Give us a call, 1-800-265-1002, and we can contact CRA on your behalf.

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