Amend, revoke, or file a late tax election

• Which tax elections qualify
• Who can apply
• Get ready to apply
• How to apply
• After you apply

Which tax elections qualify

On this page

• Requests for late, amended, or revoked elections
• Types of elections that qualify
• Types of designations and allocations that are considered prescribed elections

Requests for late, amended, or revoked elections

A request to have a late or amended election accepted, or to revoke an election, is limited to:

• the election provisions of the Income Tax Act
• Regulations listed in section 600 of the Regulations

The Canada Revenue Agency (CRA) may allow you to modify or cancel elections that have already been filed, or file an election even if you missed the deadline.

However, any request to late-file, amend or revoke an election must be made within the 10-year time limitation period set out in the taxpayer relief provisions.

If the CRA accepts your late, amended, or revoked election request, you are liable for a penalty.

The penalty will be the lesser of the following amounts:

• $8,000

• $100 for each complete month from the election's original due date to the date your request was made in a form satisfactory to the CRA

Refer to How to apply for details about providing complete and accurate information.

Types of elections that qualify

References to the act and the regulations refer to the Income Tax Act and the Income Tax Regulations.

Section 600 of the regulations lists the provisions of the act and regulations under which a taxpayer or a partnership can apply to make a late or amended election, or to revoke an election.

Visit Appendix A List of the prescribed elections for a brief description of related elections. The list of eligible elections reflects the amendments to section 600 in Bill C-29, Budget Implementation Act, 2016, No. 2.

Types of designations and allocations that are considered prescribed elections

Refer to: Appendix A – List of prescribed elections

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