The CRA Is Offering A Grace Period On 2022 Tax Return Penalties & Here's Who Is Eligible
On Thursday, the Canada Revenue Agency (CRA) announced an exciting new initiative that will offer tax relief to people, businesses, and charities in a select number of regions.
In response to the wildfires that have devastated British Columbia and the Northwest Territories this dry season, CRA is putting a number of beneficial tax measures into place to assist people in the most affected areas.
As part of the effort, residents in designated areas will no longer face penalties or additional charges for submitting their T2 and GST/HST tax forms late, provided they do so by October 16, 2023.
The CRA has provided a list of all eligible locations, which you can access here.
Also, no additional charges will be imposed on payments for T2 and GST/HST forms due between August 15 and October 16, 2023.
If you're facing any wildfire-related challenges the CRA can help. If you can't pay your taxes, you can ask the government agency to waive extra fees. They'll review each case on its own merits.
The CRA typically aims to issue taxpayer relief decisions within 180 calendar days. However, it's worth noting that since the agency is dealing with "a higher-than-normal number of requests" at the moment, processing can now take up to eight months or more.
The delivery of your CRA cheque may also be delayed. But, if you need immediate assistance, you can reach out to 1-800-959-8281.
"The wildfires in British Columbia and the Northwest Territories have had a devastating impact on many Canadians and businesses residing in the area. CRA understands that at this time, the safety and well-being of loved ones is the primary concern for those affected. We would like to assure Canadians facing such extraordinary circumstances that they will be treated fairly if they are unable to meet their tax obligations during this time," the agency's press release reads.
Have the wildfires compromised your tax documents? Don't worry the CRA has set up specific helplines: call 1-800-959-8281 if you're an individual, 1-800-959-5525 for businesses, and 1-800-267-2384 if you represent a charity.
This article's cover image was used for illustrative purposes only.
