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7 April 2022 CBA Roundtable, Q.4

Policy Tabs

Summaries

Summaries

Summary Under

Tax Topics - Excise Tax Act - Section 225 - Subsection 225(4) - Paragraph 225(4)(c)

CRA will assess long-overdue returns provided there is a net tax or net refund position

A registered supplier files its outstanding HST returns for the last 8 years, reporting the HST that it failed to charge for those reporting...

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Summary Under

Tax Topics - Excise Tax Act - Section 318

available offset does not eliminate the requirement on CRA to assess the net tax

A registered supplier files its outstanding HST returns for the last 8 years, reporting the HST that it failed to charge for those reporting...

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Summary Under

Tax Topics - Excise Tax Act - Section 296 - Subsection 296(1)

assessment is made if a net refund or tax amount is owing

A registered supplier files its outstanding HST returns for the last 8 years, reporting the HST that it failed to charge for those reporting...

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Summary Under

Tax Topics - Excise Tax Act - Section 296 - Subsection 296(2)

CRA will grant ITCs beyond the normal period for claiming them only if they are offsettable against tax owing

A registered supplier files its outstanding HST returns for the last 8 years, reporting the HST that it failed to charge for those reporting...

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Summary Under

Tax Topics - Excise Tax Act - Section 281.1 - Subsection 281.1(2)

electronic filing penalties will not apply if paper returns are filed for a voluntary disclosure that is accepted

Although a registrant typically will be required to file returns electronically, doing so in the context of a voluntary disclosure will create...

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