Taxpayer Relief RequestStatement of Income and Expenses and Assetsand Liabilities for Individuals 2026

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The document is a Taxpayer Relief Request form designed for individuals seeking to cancel interest and penalties due to financial hardship. It provides instructions on how to complete the form, including necessary supporting documentation such as income statements and expense records. The document outlines definitions of key terms like 'ability to pay' and 'financial hardship,' and emphasizes the importance of full financial disclosure to support the request.

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Click ‘Get Form’ to open it in the editor.
Begin by entering your personal information, including your name, address, Social Insurance Number (SIN), and contact details. Ensure all entries are clear and accurate.
In the Monthly Household Net Income and Expense Statement section, list all sources of income such as employment income, benefits, and any rental income. Be thorough to provide a complete financial picture.
Next, detail your monthly expenses. Include housing costs, utilities, groceries, and any other relevant expenditures. This will help illustrate your financial situation.
Proceed to the Asset Statement section where you will list all bank accounts, real estate properties, investments, and vehicles along with their market values.
Finally, complete the Liability Statement by detailing any outstanding debts including loans, mortgages, credit cards, and other obligations. This comprehensive overview is crucial for your relief request.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

How does CRA debt forgiveness work?

In order to obtain debt forgiveness through a consumer proposal, you must provide a comprehensive and complete list of all your assets with the assistance of a trustee. While dozens of credit counselling agencies will offer various types of debt settlement these are generally not accepted by the CRA.

What are valid reasons for CRA penalty relief?

Examples of valid reasons for failing to file or pay on time may include: Fires, natural disasters or civil disturbances. Inability to get records. Death, serious illness or unavoidable absence of the taxpayer or immediate family. System issues that delayed a timely electronic filing or payment.

What is the statement of income Expenses?

An income statement shows a businesss revenue, expenses, gains, and losses, starting with revenue and ending with net income. Other financial statements used by businesses are the balance sheet and cash flow statement.

How long does CRA penalty relief take?

Under normal circumstances, the Canada Revenue Agency (CRA) aims to issue a taxpayer relief decision within 180 calendar days of receiving the request.

Does CRA charge a penalty for late filing?

If you file your return late, a penalty applies. The penalty is 5% of the unpaid tax that is due on the filing deadline, plus 1% of this unpaid tax for each complete month that the return is late, up to a maximum of 12 months.

rc376

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Does CRA forgive mistakes?

You can make a request to the CRA to cancel or waive penalties or interest if you are unable to meet your tax obligations due to circumstances beyond your control. The CRA can only grant relief within 10 years from your request date.

How do I get my CRA to waive interest and penalties?

You will need to provide a detailed, complete, and accurate description of your circumstances to explain why you are requesting relief. You will also need to explain how your circumstances prevented you from making a payment when due, filing a return on time or otherwise meeting your tax obligations.

Taxpayer Relief RequestStatement of Income and Expenses and Assetsand Liabilities for Individuals 2026

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How to use or fill out Taxpayer Relief Request Statement of Income and Expenses and Assets and Liabilities for Individuals

See more Taxpayer Relief RequestStatement of Income and Expenses and Assetsand Liabilities for Individuals versions

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Got questions?

How does CRA debt forgiveness work?

What are valid reasons for CRA penalty relief?

What is the statement of income Expenses?

How long does CRA penalty relief take?

Does CRA charge a penalty for late filing?

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Does CRA forgive mistakes?

How do I get my CRA to waive interest and penalties?

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