OTTAWA, ONTARIO--(Marketwired - April 25, 2014) - Canada Revenue Agency
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue, today reminded individuals and businesses that taxpayer relief provisions are available to them if they cannot meet their tax obligations due to spring flooding.
The Canada Revenue Agency (CRA) understands that seasonal flooding can cause difficulties for affected taxpayers whose primary concerns during this time are their families, homes, and businesses. Individuals and businesses that are unable to file or pay on time due to spring flooding can make a request to the CRA to have interest and/or penalties waived or cancelled, using Form RC4288, Request for Taxpayer Relief. The CRA will consider these requests on a case-by-case basis.
Taxpayers are also reminded that they are still required to file a return. They should ensure that proper back-up records are maintained at all times, and if any electronic records required to be maintained are lost, destroyed, or damaged, they must report this situation to their respective CRA Tax Services Office and, to the best of their ability, recreate the files within a reasonable period of time, using back-up information such as bank and suppliers' records.
- Floods are the most frequent natural hazard in Canada. (Source: Public Safety Canada)
- Taxpayers located in low-lying areas or floodplains should take extra care when storing their books and records.
- Taxpayers that keep electronic records are encouraged to keep a back-up in a secure off-site location.
- Under the taxpayer relief provisions, taxpayers can make a request 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 payments on time because of circumstances beyond their control such as tornadoes, flooding, landslides, hurricanes, forest fires as well as human made disasters.
"Extreme weather conditions can cause significant disruption in the lives of those affected, and we want to reduce the burden for those who are facing a tax deadline. Canadians who cannot meet their tax obligations due to spring flooding are reminded that the Canada Revenue Agency has taxpayer relief provisions available to them."
The Honourable Kerry-Lynne D. Findlay, P.C., Q.C., M.P., Minister of National Revenue
Guide RC4409, Keeping Records
Video: Keeping Records
Excise Taxes and Special Levies Memoranda Series: Books and Records
Taxpayer Relief Provisions
Public Safety Canada's information on Floods
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