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make a consumer proposal to the Canada Revenue Agency. Income tax and other tax debts are unsecured debts and can be discharged by filing a consumer proposal with a Licensed Insolvency Trustee. It is possible to settle your tax debt for much less than the full assessment amount, both principle and interest.
Can you negotiate with the CRA?
Anyone who owes money to the Canada Revenue Agency (CRA) can enter negotiations with them directly to arrive at a mutually satisfactory arrangement without the assistance of a Licensed Insolvency Trustee.
How do I get relief from CRA?
To submit your request for relief, we recommend you use Form RC4288, Request for Taxpayer Relief - Cancel or Waive Penalties and Interest....Cancel or waive penalties or interest extraordinary circumstances; actions of the CRA; inability to pay or financial hardship; other circumstances.
How do I get relief from CRA?
To submit your request for relief, we recommend you use Form RC4288, Request for Taxpayer Relief - Cancel or Waive Penalties and Interest....Cancel or waive penalties or interest extraordinary circumstances; actions of the CRA; inability to pay or financial hardship; other circumstances.
What is CRA interest relief?
If you met all the eligibility criteria and have filed your 2020 tax return, the CRA automatically applied interest relief on your 2020 taxes owing. You will not have to pay interest on any amount owing from your 2020 taxes until after April 30, 2022.
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If the CRA charged a late-filing penalty for 2018, 2019 or 2020 and requested a formal demand for a return, your late-filing penalty for 2021 will be 10% of your balance owing. You will be charged an additional 2% for each full month that you file after the due date, to a maximum of 20 months.
How do I ask CRA to waive interest and penalties?
To make a request, fill out Form RC4288, Request for Taxpayer Relief \u2013 Cancel or Waive Penalties or Interest.
What is form RC4288?
RC4288 Request for Taxpayer Relief - Cancel or Waive Penalties and Interest.
Will CRA forgive interest?
Under taxpayer relief provisions, the CRA has the discretion to cancel or waive penalties or interest. This applies when taxpayers are unable to meet their tax obligations due to circumstances beyond their control. The CRA can only grant relief within a 10 year span from your request date.
How do I get rid of tax penalties and interest?
You can avoid a penalty by filing accurate returns, paying your tax by the due date, and furnishing any information returns timely. If you can't do so, you can apply for an extension of time to file or a payment plan.
rc4288 form download
Information for Canadian Small Businesses - Academia.edu
... fill out Form RC4288, Request for □ generally includes information that is more than one Taxpayer Relief – Cancel or Waive Penalties or Interest.
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