CRA offers relief to flood-stricken Albertans

If your clients have been affected by flooding in Alberta, let them know they can access CRA’s taxpayer relief provisions if they’re unable to meet tax obligations.

Read: Southern Alberta deals with heavy flooding

Corporations unable to file T2 returns by July 2 due to flooding can apply to have interest and penalties waived or cancelled using Form RC4288, Request for Taxpayer Relief.

Business owners and self‑employed individuals who were unable to meet their filing and payment obligations are also eligible for relief. CRA will consider these requests on a case-by-case basis.

Read: How to protect your business during disasters

All Canadians have access to the CRA’s taxpayer relief measures and will be considered for relief if they miss a filing deadline because their lives were disrupted by natural disasters, including tornadoes, flooding, landslides, hurricanes, and forest fires.

Clients can get more information here.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.