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Stopping the clock on CRA reassessment

Thursday, June 08, 2017 @ 8:33 AM | By Jordan Atin

One of the biggest concerns for executors is the possible exposure for the estate’s income tax liability. Unsurprisingly, the expiry of the limitation period is often a great relief to executors. The Canada Revenue Agency (CRA) is then, typically, prohibited from reassessing tax returns.

But, there are circumstances that permit CRA to reassess a return outside of the usual limitation period.  

What circumstances can give rise to this late reassessment and who is responsible for the liability in such cases? Vine Estate v. Canada 2015...