Categories: Financial statements

Taxpayer relief measures for Canadians hit by disasters

The Honourable Gail Shea, Minister of National Revenue, today highlighted that Canadians who have been affected by devastating weather conditions can apply for relief from the Canada Revenue Agency (CRA) if they are having difficulty meeting their tax obligations because of extreme weather events.

“Our Government understands that severe weather events can prevent Canadians from meeting their tax obligations. Recently, Canadians from several regions, including British Columbia, the Yukon, and Saskatchewan, have had to rebuild because of events such as flooding and severe wind,” said Minister Shea. “The taxpayer relief provisions ensure that all Canadians receive fair tax treatment, while they are recovering from the damage resulting from natural catastrophes.”

All Canadians have access to the CRA’s taxpayer relief measures and will be considered for relief if they miss a payment or filing deadline because their lives were disrupted by uncontrollable weather events, including forest fires caused by lightning strikes, tornadoes, flooding, landslides and hurricanes.

The taxpayer relief provisions use a balanced approach to help taxpayers to resolve tax issues that arise through no fault of their own. Under these provisions, any taxpayer can apply to the CRA to have interest and/or penalties waived or cancelled in situations where they are unable to file a tax return and/or make a payment on time due to a natural disaster or other extraordinary circumstances beyond their control.. The CRA will consider these requests on a case-by-case basis.

admin

Recent Posts

What You Should Focus on in the First Year of Your Business Startup Journey

Launching a new business is both exciting and challenging. The first year is especially meaningful…

3 weeks ago

The Benefits of Hiring a Professional Accountants in Mississauga for Personal Finances

Managing personal finances can be challenging, especially when balancing multiple income sources, investments, expenses, and…

3 weeks ago

5 Ways a Tax Accountants Can Save Your Business Money

Running a business involves many responsibilities, including increasing revenue and managing daily operations. One of…

3 weeks ago

The Importance of Working with a Seasoned Accountants Oakville

In today’s fast-moving financial environment, the value of expert accounting guidance cannot be overstated. Whether…

3 weeks ago

Five Indications That an Expert Bookkeepers Is Needed

It’s easy to get caught up in the day-to-day grind of running a business. It’s…

3 weeks ago

Tax Returns Checklist: The Ultimate Organizing Hack for a Stress-Free Filing Season

Filing taxes can be stressful for many small businesses in Canada. However, it doesn’t have…

2 months ago