WebNov 8, 2024 · In Bozzer, the Federal Court of Appeal held that subsection 220(3.1) allows CRA to waive accrued interest within the 10-year period despite the fact that the underlying tax debt stems from a tax year beyond that period. Prior to Bozzer, the Canada Revenue Agency refused to waive interest if it related to a tax year more than 10 years prior. WebFeb 24, 2024 · Justice Fournier explained: “It is important to recognize that the Minister of National Revenue (or his delegate) has the discretion to waive any penalty or interest imposed under the Act (subsection 220 (3.1)). This is a fairness provision.
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WebJul 2, 2024 · The CRA has the discretion to cancel or waive either all or a portion of any interest or penalties (but not the actual tax) payable for the 10 previous calendar years if the penalties and interest resulted from circumstances beyond the taxpayer’s control. WebEarly in February 2024, the Canada Revenue Agency (CRA) announced that it will provide targeted interest relief to Canadians who received COVID-related income support … tarc methode
CRA new rules for Interest Relief based on Bozzer Case
WebOf means of "cancel", one sense of "waive", the term "taxpayer". Circumstances that may warrant relief Circumstances go your controlling, actions of the CRA, lack toward how, financial hardship, or other circumstances. Limitation period on move discipline also the deadline for requesting relief Limitation period, the 10-year deadline. WebIncome Tax Act subsection 220 (3.1) provides the Canada Revenue Agency with discretion to waive a taxpayer’s interest or penalty otherwise payable either at will or on the taxpayer’s request. But the Canada Revenue Agency cannot waive an amount that arose more than 10 calendar years ago. Web(1) The Board shall waive the collection of interest under the following circumstances: (i) When the debt is paid within thirty days after the date on which notice of the debt was mailed or personally delivered to the debtor, (ii) When, in any case where a decision with respect to waiver of recovery of an overpayment must be made: tarc number