Canada Revenue Agency (“CRA”) will issue a notice of assessment after they assess your filed returns. If you disagree with a notice of (re)assessment, you are encouraged to contact the CRA tax office to discuss any issues surrounding the assessment or file a Notice of Objection to commence the formal objection process.  Generally, you have 90 days after the date the Notice of Assessment was sent.

CRA may grant relief from penalty or interest when the following types of situation prevent a taxpayer from meeting their tax obligations:

●        extraordinary circumstances;

●        actions of the CRA;

●        inability to pay or financial hardship;

●        other circumstances.

Another CRA program available to individuals and businesses is Voluntary Disclosure Program (VDP), which gives you a second chance to correct a tax return you previously filed or to file a return that you should have filed. If you filed a VDP application and it is accepted by the Canada Revenue Agency (CRA) you will have to pay the taxes owing, plus interest in part or in full.