TFSA or RRSP over-contribution penalty relief
Preparing a request to cancel the penalty tax on an excess contribution or advantage.
What is included
- Reviews the years and amounts involved, with your accountant
- Explains the options, including the CRA's Voluntary Disclosures Program
- Prepares the disclosure or relief request and the supporting explanation
- Deals with the CRA on questions and payment arrangements
- Explains the risks if the CRA contacts you first
What is not included
- Any tax, penalties or other amounts the tax authority says you owe
- Bookkeeping, accounting and tax return preparation, unless arranged separately
- Court fees, reports from accountants or valuators, and other disbursements
- Work by NEO Legal Services: NEO is a paralegal firm and only makes the referral
Who this service is for
- People with unfiled returns or unreported income
- Taxpayers with penalties they believe should be cancelled
- People who missed foreign property or other reporting
Information to have ready
- 1A list of the years and the income or accounts not reported
- 2Records of the income, foreign property or contributions involved
- 3Any letters already received from the CRA
- 4Details of your financial situation, if asking for relief or a payment arrangement
How a referral works
- 1Tell us in a few words what the matter is about, and who else is involved, so we can check for a conflict of interest.
- 2We recommend an Ontario lawyer for your matter, and at least one other you could choose instead.
- 3The lawyer runs their own conflict check, confirms the scope and quotes the fee, normally in a written retainer agreement.
- 4You pay the lawyer's fee to the lawyer. Any referral fee comes out of it, is disclosed to you in writing, and never increases what you pay.
NEO Legal Services Professional Corporation is a licensed paralegal firm, not a law firm. Every step of a referral, and your rights
Frequently asked questions
What does the lawyer charge?
A typical Ontario fee for this service is $1,000–$3,000, plus HST. The lawyer quotes the actual fee before any work starts. You pay the lawyer directly; the referral itself costs you nothing.
Should I speak to the CRA auditor before I get advice?
You can, but it is often wise to get advice first, especially if the audit may involve unreported income or penalties. Communications with a lawyer for legal advice are generally protected by solicitor-client privilege.
What if I missed the deadline to object?
You may be able to ask for an extension of time, usually within one year after the original deadline. The lawyer can tell you whether this is still possible.
Will the CRA stop collecting while I object?
For most income tax assessments, the CRA generally holds off on collection while an objection or appeal is under way, but other amounts, such as GST/HST and payroll source deductions, may still be collected. The lawyer explains what applies to you.
General information only, not legal advice. NEO Legal Services Professional Corporation is a licensed paralegal firm regulated by the Law Society of Ontario.
Important limitations
- No outcome with the CRA or the courts can be guaranteed
- Collection may continue on some amounts while a dispute is ongoing
- Tax advice depends on accurate and complete figures from you and your accountant
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