Late-Filed Tax Elections

The Canada Revenue Agency (CRA) allows taxpayers to file certain elections to avoid negative tax consequences or to take advantage of beneficial tax treatments.

There are many types of elections available under the Income Tax Act and the Excise Tax Act. Because they often aren’t required by default, taxpayers may not even realize they missed one until it’s too late.

Fortunately, the CRA has a policy that allows late-filed elections in some situations. A Toronto tax lawyer can help you take advantage of these relief provisions before it’s too late.

Missed an Election? Don’t Panic

If you should have filed an election but missed the deadline, we can help. We have extensive experience preparing and filing late election requests to ensure clients can still access important tax relief. Working with a Toronto tax lawyer improves your chances of success, especially when timing and documentation are critical.

Some commonly missed elections that can result in significant tax savings include:

• Electing under Section 216 to file a T1159 as a non-resident landlord, allowing the income to be taxed on a net basis rather.
• Electing to defer capital gains when converting a principal residence into a rental property.
• Electing to defer capital gains when moving back into a principal residence after renting it out.
• Claiming the principal residence exemption (many don’t know this is actually an election that must be filed with your return).
• Electing to sell assets between businesses without triggering GST/HST under section 167.
• And many more.

We’ve helped individuals, corporations, and trusts submit late-filed tax elections successfully, even when years have passed since the original deadline.

Why Work with Kirshen Tax Law?

We know what the CRA looks for in a late election request. We’ll explain the tax benefits involved, review your eligibility, and make sure your submission is complete and persuasive from the start.

Book a Free Consultation

If you’ve missed an important election and want to know if a late-filed tax election can still be accepted, contact us today for a free consultation with a Toronto tax lawyer. We’ll assess your eligibility and prepare a strong case for CRA relief.