Section 220

Subsection 220(1) - Minister’s duty

Cases

The Queen v. Optical Recording Laboratories Inc., 90 DTC 6647 (FCA)

The Minister has the power to enter into arrangements to give a taxpayer time for the payment of taxes which are currently due or, in this case,...

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See Also

R. v. I.R.C., Ex parte Preston, [1984] BTC 353 (C.A.)

"Although the Inland Revenue have a duty 'to collect and cause to be collected every part of inland revenue ... .' ... . they have a wide...

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Subsection 220(2.1) - Waiver of filing of documents

Cases

ConocoPhillips Canada Resources Corp. v. Canada (National Revenue), 2016 DTC 5016 [at 6588], 2016 FC 98

The taxpayer (“ConocoPhillips”) claimed that it did not learn about a reassessment of its 2000 taxation year (which nullified a previous...

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Words and Phrases
file
Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 165 - Subsection 165(1) Minister can consider reassessment without Notice of Objection 216
Tax Topics - Statutory Interpretation - French and English Version ambiguity in French version resolved through English version 222

Bul River Mineral Corporation Ltd. v. Canada (Minister of National Revenue), 2006 DTC 6048, 2006 FC 41

S. 47(1) of the Income Tax Act (BC) provided that s. 220(2.1) of the Act applied for the purposes of the former Act. The Minister was not...

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Administrative Policy

9 July 2015 External T.I. 2013-0475421E5 - Section 94.2

Where s. 94.2(2) deems a non-resident unit trust whose units are majority-owned by an investment dealer, or other taxpayer subject to the...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 233.5 potential relief from penalties where insufficient data for computing FAPI 195
Tax Topics - Income Tax Act - Section 94.2 deemed CFA unit trust sub of a FI subject to mark-to-market rules 178
Tax Topics - Income Tax Act - Section 95 - Subsection 95(2) - Paragraph 95(2)(f.14) no stated accommodation for using proxy method where data unavailable 289

8 October 2008 Internal T.I. 2008-0269581I7 - statute-barred refund

The corporate taxpayer requested that CRA exercise its discretion under s. 220(2.1) or 220(3) to refund an overpayment where the taxpayer had not...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 164 - Subsection 164(1.5) "may" establishes CRA discretion 128
Tax Topics - Income Tax Act - Section 164 - Subsection 164(1) request to extend filing deadline or re-appropriate 106
Tax Topics - Income Tax Act - Section 220 - Subsection 220(3) request to extend filing deadline 70
Tax Topics - Income Tax Act - Section 221.2 - Subsection 221.2(1) request to re-appropriate 88

Subsection 220(3) - Extensions for returns

Cases

Kutlu v. Canada, 2013 DTC 5137 [at 6239]

The Minister had previously accepted the taxpayers' late-filed elections under s. 216(4). The taxpayers had believed they were entitled to file...

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Administrative Policy

8 October 2008 Internal T.I. 2008-0269581I7 - statute-barred refund

The corporate taxpayer requested that CRA exercise its discretion under s. 220(2.1) or 220(3) to refund an overpayment where the taxpayer had not...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 164 - Subsection 164(1.5) "may" establishes CRA discretion 128
Tax Topics - Income Tax Act - Section 164 - Subsection 164(1) request to extend filing deadline or re-appropriate 106
Tax Topics - Income Tax Act - Section 220 - Subsection 220(2.1) request to extend filing deadline 70
Tax Topics - Income Tax Act - Section 221.2 - Subsection 221.2(1) request to re-appropriate 88

12 July 2013 Internal T.I. 2013-0487181I7 - Extension of the reassessment period

The corporate taxpayer failed to file a tax return and the CRA subsequently issued an "arbitrary assessment" pursuant to s. 152(7). The taxpayer...

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Subsection 220(3.1) - Waiver of penalty or interest

Cases

Muir v. Canada (National Revenue), 2016 FC 362

In dismissing an application for judicial review of a CRA decision not to grant interest or penalty relief for an assessment of a year for which...

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Kotel v. Canada (Attorney General), 2013 DTC 5166 [at 6421], 2013 FC 1015

McVeigh found that it was reasonable for the Minister find that the taxpayer did not have financial hardship. His net worth was $295,000...

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Suissa v. Canada (Attorney General), 2013 DTC 5158 [at 6383], 2013 FC 897

The taxpayers were six family members, each of whom owned a small percentage of some properties in Canada, which were sold at a loss over two...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 162 - Subsection 162(7) penalties on six family members were reasonable but probably unjust 200

Cogesco Services Limited v. Canada (Attorney General), 2014 DTC 5026 [at 6661], 2013 FC 1238

The taxpayer, which was a non-resident corporation that had no liability for tax as a result of losses, was assessed for $15,000 of penalties...

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Canada v. Guindon, 2013 DTC 5133 [at 6117], 2013 FCA 153, aff'd supra

The taxpayer provided grossly negligent opinions on a charitable donation scheme (which unbeknownst to her was a scam) and signed charitable...

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NRT Technology Corp v. Canada (Attorney General), 2013 DTC 5056 [at 5816], 2013 FC 200

The taxpayer failed to withhold income tax on a bonus it paid to its president, but caught the error 11 days later without any CRA involvement. ...

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3563537 Canada inc. v. Canada Revenue Agency, 2013 DTC 5025 [at 5622], 2012 FC 1290

The taxpayer's voting shares were held mainly by a pair of business associates ("Ouimet and O'Neill"). O'Neill was responsible for preparing the...

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T & S First Choice Renovations Limited v. Canada Revenue Agency, 2012 DTC 5152 [at 7377], 2012 FC 1146

The taxpayer appealed the Minister's decision to deny relief of interest on corporate tax, payroll deductions, and GST accounts. Phelan J. stated...

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Taylor v. Canada (National Revenue), 2012 DTC 5141 [at 7315], 2012 FC 994

In a previous hearing, the Federal Court ordered a redetermination of taxpayer's application for s. 220(3.1) relief. Martineau J. affirmed the...

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Mytting v. Canada (National Revenue), 2012 DTC 5084 [at 6996], 2012 FC 465

The taxpayer had accumulated interest from a tax debt in a prior taxation year. He applied for relief from the interest on the basis that the...

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Spence v. Canada Revenue Agency, 2012 DTC 5061 [at 6872], 2012 FCA 58

The taxpayer reported $22,000 of income when his income was in fact $60,000. The Court affirmed that the Minister's decision not to waive the...

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Toastmaster Inc. v. Canada (National Revenue), 2012 DTC 5008 [at 6555], 2011 FC 1309, aff'd 2013 DTC 5017 [at 5601], 2012 FCA 317

The taxpayer was a U.S. resident which operated in Canada from 1999 to 2008, under the misapprehension that it did not have a permanent...

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Stemijon Investments Ltd. v. Canada (Attorney General), 2011 DTC 5169 [at 6250], 2011 FCA 299

The taxpayers had the same financial representative, who failed to file foreign property ownership form T1135 for several taxation years, even...

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Bozzer v. Canada, 2011 DTC 5106 [at 5922], 2011 FCA 186

The trial judge found that the "taxation year" referred to in s. 220(3.1) is the year of assessment of the related tax debt and not the year in...

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Locations of other summaries Wordcount
Tax Topics - Statutory Interpretation - Vested Rights 114

Jaka Holdings Ltd. v. Canada Revenue Agency, 2011 DTC 5081 [at 5831], 2011 FC 518

Heneghan J. found that a decision from a second-level CRA review of the taxpayer's request to waive interest and penalties breached the taxpayer's...

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Bozzer v. Canada, 2010 DTC 5025 [at 6612], 2010 FC 139, rev'd 2011 DTC 5106 [at 5922], 2011 FCA 186

The taxpayer argued that the 10-year limitation period in s. 220(3.1) commences with each year in which interest accrues, rather than the year of...

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Canada Revenue Agency v. Telfer, 2009 DTC 5697, 2009 FCA 23

Following the filing of notices of objection by the taxpayer respecting the denial of the deduction of limited partnership losses, the Minister...

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Vitellaro v. Canada (Customs and Revenue Agency), 2005 DTC 5275, 2005 FCA 166

After the Minister refused to waive interest and penalties in an application based on financial hardship, the matter was referred back to the...

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Johnston v. The Queen, 2003 DTC 5494 (FCA)

The decision of the Minister to deny an application for cancellation of interest was remitted to the Minister for reconsideration given that the...

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Montgomery v. MNR, 94 DTC 6367 (FCTD), aff'd 95 DTC 5032 (FCA)

S.127(5) of S.C. 1993, c. 24, which effectively provides that s. 220(3.1) "applies to the 1985 and subsequent taxation years" indicates that s....

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Transitional Provisions 113

Hillier v. Attorney General of Canada, 2000 DTC 6627 (FCTD)

The time taken to complete the initial reassessment of the taxpayer (from January 1994 to the spring of 1995) was not unreasonable given that the...

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See Also

Canada (National Revenue) v. Sifto Canada Corp., 2014 DTC 5083 [at 7090], 2014 FCA 140

The taxpayer's Federal Court motion alleged that the Minister had accepted disclosures made by it respecting the transfer prices of rock salt it...

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Knight v. The Queen, 2012 DTC 1144 [at 3300], 2012 TCC 118 (Informal Procedure)

Jorré J. found that the taxpayer, having no reasonable excuse for his failure to report over $40,000 in salary and severance pay, being nearly...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 163 - Subsection 163(1) penalties would have been less for more blameworthy conduct 185

Sherry v. Canada (National Revenue), 2011 DTC 5168 [at 6247], 2011 FC 1208

Simpson J. found that the Minister's decision to deny relief was not given with adequate reasons, but the taxpayer could not establish that it was...

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Meier v. Canada Revenue Agency, 2011 DTC 5127 [at 6071], 2011 FC 840

Simpson J. granted the taxpayer's appeal for interest relief. The taxpayer, a single mother of three, had an annual income of $11,654. She was...

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Yachimec v. Canada (National Revenue), 2011 DTC 5014 [at 5575], 2010 FC 1333

The taxpayer suffered a brain injury in a vehicle collision, causing him to eventually develop paranoid delusions, including the delusion that the...

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Fleet v. Canada (Attorney General), 2010 DTC 5094 [at 6912], 2010 FC 609

An application for judicial review of a decision of the Minister to not waive interest and penalties on tax payable by the taxpayer as a result of...

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Cayer v. Canada Revenue Agency, 2009 DTC 5191 [at 6278], 2009 FC 1195

The CRA, after granting a previous request of the taxpayer for interest relief in respect of some of the taxation years in question, declined to...

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Iszcenko v. The Queen, 2009 DTC 794, 2009 TCC 229 (Informal Procedure)

Hogan, J. recommended (para. 13) that the Minister waive a penalty under s. 163(1) given that the non-reporting of dividend income received by the...

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Laflamme v. Canada (National Revenue), 2010 DTC 5070 [at 6794], 2008 FC 1403

The taxpayer lost three family members, including her husband, in the course of a few years, her tax accountant died of cancer, her son became...

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Comeau v. CCRA, 2008 DTC 6248, 2005 DTC 5489

The trial judge had applied a standard of patent unreasonableness in reviewing a decision of the Agency not to cancel interest, whereas it was...

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Bremer v. Canada (Attorney General), 2006 DTC 6125, 2006 FC 91

After indicating (following Lanno v. The Queen, 2005 DTC 5245, 2005 FCA 153) that the applicable standard of review was one of reasonableness,...

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Lund v. Canada (Attorney General), 2006 DTC 6367, 2006 FC 640

The individual responsibility for a fairness review had done very little independent review of the evidence and had relied heavily on what was...

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Cole v. Canada (Attorney General), 2005 DTC 5667, 2005 FC 1445

Assessments of the taxpayer's 1987 and 1988 taxation years was delayed by the Minister because of appeal proceedings of a procedural nature...

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Babin v. Canada (Customs and Revenue Agency), 2005 DTC 5414, 2005 FC 972

Before dismissing an application for judicial review of a decision of the CCRA not to waive interest and penalties in respect of the failure of...

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Karia v. Canada (Minister of National Revenue), 2005 DTC 5282, 2005 FC 639

On the basis of a "no-names" disclosure on behalf of the taxpayers that they had unreported income and that the individual taxpayer had been...

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HealthSmith Medical Inc. v. Canada (Minister of National Revenue), 2005 DTC 5138, 2005 FC 239

The Minister had not acted unreasonably in refusing an application for waiver of interest and penalties on the basis of financial hardship, on the...

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Galetzka v. Canada (Minister of Customs and Revenue), 2004 DTC 6472, 2004 FC 672

The taxpayer lived separate and apart from her husband under the same roof for economic reasons, her estranged husband did not give her any money...

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Vitellaro v. Canada (Customs and Revenue Agency), 2004 DTC 6362, 2004 FC 561

Before finding that a decision of the Minister not to waive interest and penalties on unpaid GST and income tax of the taxpayers did not breach a...

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Miller v. Canada(Customs & Revenue Agency), 2004 DTC 6057, 2004 FC 46

The Minister's decision not to waive penalties for the late filing of a return was remitted for redetermination given that such decision did not...

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Heels v. Canada (Attorney General), 2003 DTC 5712, 2003 FC 1346 (FCTD)

The Minister's decision not to grant relief from interest and penalties for the late filing of returns was not patently unreasonable given that...

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Maarsman v. Canada (Customs and Revenue Agency), 2003 DTC 5677, 2003 FC 1234

The decision of the Minister not to cancel interest and penalties was referred back to CCRA for reconsideration based on there having been a...

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Brickenden v. CCRA, 2003 DTC 5559 (FCTD)

The decision of a committee not to grant administrative relief was based on incomplete and incorrect information, and overruled the finding of the...

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Chriscon Investments Ltd. v. Attorney General of Canada, 2003 DTC 5332 (FCTD)

The taxpayer agreed to a reassessment of its taxes that disallowed a deduction of $170,000 but offset the resulting income inclusion through the...

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Netupsky v. The Queen, 2003 DTC 5324 (FCTD)

The taxpayer's application for relief based on his being "de facto bankrupt" was rejected by a CCRA officer who did not have appropriate delegated...

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Robertson v. MNR, 2003 DTC 5068 (FCTD)

The taxpayer applied for waiver of a penalty for filing one of his returns a year late and of interest on the basis of the financial difficulties...

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Metro-Can Construction Ltd. v. The Queen, 2002 DTC 7528 (FCTD)

In response to an argument that there were large gaps in the timeline between the time of the initial reassessment in 1993 and the final decision...

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Salomon v. Deputy Attorney General of Canada, 2002 DTC 7525 (FCTD)

After being informed of the impact of the taxpayer's disbarment and criminal conviction on his daily living and responsibilities, the CCRA had...

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Chapman v. MNR, 2002 DTC 2148 (FCTD)

An application for judicial review, of a decision to waive only a portion of the interest and penalties applicable to personal income tax...

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Cheng v. The Queen, 2001 DTC 5575 (FCTD)

Gibson J. applied (at p. 5579) "a standard of review of patent unreasonableness" in dismissing an application for review of an adverse decision of...

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Robertson v. MNR, 2001 DTC 5465 (FCTD)

In considering the applicant's application for waiver of interest and penalties, the Department breached its internal guidelines by having the...

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Moffett Estate v. MNR, 2001 DTC 5284 (FCTD)

In dismissing an application of the taxpayers for judicial review of a decision to refuse their application for waiver of interest, Heneghan J....

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Bilida v. MNR, 97 DTC 5041 (FCTD)

The Minister was directed to reconsider the request of the taxpayer for waiver of interest given that no consideration had been given to: her to...

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Catahan v. MNR, 95 DTC 5496 (FCTD)

An alleged agreement of a collections officer that interest would be waived if the taxpayer paid the taxes payable by him, would not have been...

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Kaiser v. The Queen, 95 DTC 5187 (FCTD)

Rouleau J. declined to set aside the decision of the Minister refusing to grant relief under s. 220(3.1) given the absence of bad faith on the...

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Guimont v. MNR, 94 DTC 6227 (FCTD)

In dismissing the taxpayer's application to set aside a decision of the Chief of Appeals to vacate part only, and not entirely, interest on the...

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Towers v. The Queen, 94 DTC 6118 (FCTD)

As a result of the fraud of his accountant, the taxpayer was induced to make tax shelter investments and to deduct what proved to be non-existent...

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Floyd Estate v. MNR, 93 DTC 5499 (FCTD)

In finding that the Minister had not acted unfairly in refusing to waive interest that arose as a result of a clerical error of the taxpayer,...

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Administrative Policy

10 June 2016 STEP Roundtable Q. 6, 2016-0641461C6 - Trust Instalment Requirements

After a review announced two years ago (see 2014-0526591C6), CRA indicated that its policy of not assessing penalties and interest where an inter...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 156 - Subsection 156(1) inter vivos trusts not assessed interest for inadequate instalment payments 71

9 October 2015 APFF Financial Strategies and Financial Instruments Roundtable Q. 4, 2015-0588971C6 F - T1135 and voluntary disclosure

Where there has been a voluntary disclosure for failure of the taxpayer to file T1135s for the past, say, 15 years, the current practice of CRA is...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 162 - Subsection 162(7) CRA is studying whether the $2,500 penalty for late T1135 filings applies automatically 71

14 July 2014 Internal T.I. 2014-0537701I7 F - Voluntary disclosure - T1134 and FAPI

Representatives of a taxpayer initiated a voluntary disclosure for a taxpayer who had not filed T1134s and who had failed to report foreign...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) - Paragraph 152(4)(a) - Subparagraph 152(4)(a)(i) penalties for failure to file T1134s 139
Tax Topics - Income Tax Act - Section 162 - Subsection 162(10) penalties for failure to file T1134s 134
Tax Topics - Income Tax Act - Section 162 - Subsection 162(7) penalties for failure to file T1134s 134
Tax Topics - Income Tax Act - Section 163 - Subsection 163(2.4) penalties for failure to file T1134s 134

16 June 2014 STEP Roundtable, 2014-0523021C6 - Multiple assessments - STEP Q19

CRA reassesses each transaction in a series of transactions independently of each other, resulting in larger total assessments than could be...

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16 June 2014 STEP Roundtable, 2014-0530571C6 - Voluntary Disclosures - Q13

How is Bozzer v. The QueenI, 2011 FCA 186, affecting voluntary disclosures that exceed ten years? CRA stated:

Voluntary disclosures that cover...

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18 September 2013 Internal T.I. 2013-0487871I7 - Filing Due Date for Elections

Regarding elections that are required to be filed with the taxpayer's return, CRA noted that Rezek established that "where an election is required...

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30 October 2012 Ontario CTF Roundtable, 2012-0462921C6 - Ontario CTF - 163(1) Penalty

The potential of s. 220(3.1) penalties to drastically and unfairly exceed s. 163 penalties (discussed in Knight, for example) has been brought to...

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3 June 2011 STEP Roundtable Q. 14, 2011-0401921C6 - 2011 STEP Conference - Q14 - Voluntary Disclosure

The questioner pointed out under the 10-year limitations period for the Voluntary Disclosure Program, a participating individual with unreported...

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IC00-1R3 "Voluntary Disclosures Program" March 21, 2013

Penalty Relief

11. If the CRA accepts a disclosure as having met the conditions set out in this policy, it will be considered a valid disclosure...

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10 November 1994 Memorandum 942144 (C.T.O. "Reassessment to Reduce Penalty under Fairness Legislation")

A taxpayer cannot file a notice of objection to a reassessment made pursuant to s. 220(3.1), even if such reassessment was made within the normal...

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Halifax Round Table, February 1994, Q. 14

The fairness legislation regarding the waiver or cancellation of interest and penalties is independent of whether those amounts have as yet been...

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IC 92-2 "Guidelines for the Cancellation and Waiver of Interest and Penalties"

Articles

Brooke Sittler, "Review of Penalty and Interest Relief Requests Under the Income Tax Act", draft 2015 CTF Annual Conference paper

General reasonableness standard (p. 6)

In general, the standard of review that the reviewing court will apply to the Minister's decision on an...

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Ryan Rabinovitch, Angelo Discepola, "Solving Sales Tax Non-compliance Through the Canadian Voluntary Disclosure Program"

Although CRA can go back more than four years where there has been a neglectful misrepresentation etc., “in practice, however, the CRA will (by...

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Locations of other summaries Wordcount
Tax Topics - Excise Tax Act - Section 281.1 - Subsection 281.1(1) 380

Michael H. Lubetsky, "Interest Relief under the Federal and Provincial Regimes", Tax Litigation (Federated Press), Vol. XX, No. 1, 2015, p. 1182

No federal interest relief where delayed loss carry-back (p. 1184)

. . . One particularly pernicious question relating to interest relief under...

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Esmail Bharwani, "Voluntary Disclosures", CGA Magazine, March – April, 2014, p. 48.

Confidentiality

No solicitor-client privilege exists between a client and a non-lawyer professional, so a non-lawyer remains exposed to CRA's...

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David H. Sohmer, "Taxpayers May Be Penalized for Failing to Obtain a Second Opinion (Seriously!)", The Canadian Taxpayer, Vol. xxxiii No. 24, December 2011, p. 185: critique of Stemijon case.

Arthur Drache, "Sherman Letter To Finance Banks Case For 10-Year Rule Change", The Canadian Taxpayer, 3 March, 2009, VOL. XXXI, No. 5, p. 33.

Barbara Dombek, Shashi Fernando-Eden, "The ABCs of the VDP", CA Magazine, April 2003, p. 32: discussion of federal and provincial administrative positions on voluntary disclosure.

Landay, "How Fair is the Fairness Package?", Tax Profile, November 1994, p. 169: Includes a description of 12 successful and unsuccessful submissions that have been made under the fairness package to Revenue Canada.

Skulski, "Tax Collection in Recessionary Times", 1992 Conference Report, c.8

Beith, "Fairness Package", 1992 Conference Report, c.7.

Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 152 - Subsection 152(4) 0

Subsection 220(3.2) - Late, amended or revoked elections

Cases

McNabb Family Trust v. The Queen, 98 DTC 6001 (FCA)

In reversing a refusal of the Motions Judge to extend the time for bringing an application to review a decision of the Minister not to extend the...

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Administrative Policy

21 April 2015 Internal T.I. 2014-0560811I7 - FACL carryback – Surplus & PAS election

A Reg. 5901(2)(b) election, to have a dividend treated as paid out of pre-acquisition surplus, must be made by the filing-due date for the...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Regulations - Regulation 5901 - Subsection 5901(2) - Paragraph 5901(2)(b) no relief for late-filed Reg. 5901(2)(b) election 172
Tax Topics - Income Tax Regulations - Regulation 5903.1 - Subsection 5903.1(1) FACL carryback from transitional year 154
Tax Topics - Income Tax Regulations - Regulation 5907 - Subsection 5907(1) - Net Earnings surplus pools are not to be retroactively adjusted for a FACL carryback 171
Tax Topics - Income Tax Regulations - Regulation 600 no relief for late-filed Reg. 5901(2)(b) election 54

22 August 2014 External T.I. 2014-0541171E5 - Late 45(2) Election filed by executer

Mr. A rented out his home during his final years in a nursing home. Would CRA accept from his executor a late-filed s. 45(2) election for the home...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 45 - Subsection 45(2) late s. 45(2) election filed by executor 94

18 February 1999 T.I. 982563

The comments in IT-378R, that the validity of an election may not be denied by a taxpayer once it is accepted by the Department, is applicable to...

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Locations of other summaries Wordcount
Tax Topics - General Concepts - Rectification & Rescission 32

Subsection 220(3.5) - Penalty for late filed, amended or revoked elections

Administrative Policy

9 November 2012 CTF Atlantic Roundtable, 2012-0465981C6 - CTF Atlantic - Filing Electronically

When a tax return is filed electronically, how can the taxpayer satisfy a requirement to "elect in the return" (see s. 50(1)) or "by letter...

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Subsection 220(4.5) - Security for departure tax

Administrative Policy

18 October 2016 External T.I. 2015-0608051E5 F - Emigration of a trust

May a trust that ceases to be resident in Canada make an election under s. 220(4.5) and, if so, can CRA extend the time for making such election...

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Locations of other summaries Wordcount
Tax Topics - Income Tax Act - Section 2 - Subsection 2(1) Fundy Settlement test may differ from residence of trustees 86

5 October 2012 APFF Roundtable, 2012-0454231C6 F - Garantie pour impôt de départ

In Scenario A the emigrating individual holds 100 Class A shares of a Canadian-controlled private corporation with a fair market value of $5M, and...

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