IC92-1    Guidelines for Accepting Late, amended or Revoked Elections

Under the amendment to the Income Tax Act which was announced in the March 2004 federal budget and which received Royal Assent in May 2005, the Minister's discretion to cancel or waive penalties and interest; to accept late-filed, amended, or revoked income tax elections; and to issue income tax refunds beyond the normal three-year period (individuals and testamentary trusts only) will only apply for requests that are for a taxation year ending in the ten previous calendar years. Therefore effective January 1st, 2005, for example, a request made in 2005 will only be accepted for 1995 and subsequent taxation years.

Information in Information Circulars IC92-1, Guidelines for Accepting Late, amended or Revoked election, IC92-2, Guidelines for the cancellation and Waiver of Interest and Penalties, and IC 92-3, Guidelines for Refunds Beyond the Normal three Year Period is currently being revised to reflect this legislative change.

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Last update: 1995-01-01
Available in print: 1992-03-18

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