Did you know that if you are facing financial difficulties because of COVID-19, the tax authorities could waive interest and penalties that have accumulated on your tax debt?
Due to the current situation related to COVID-19, the Quebec Revenue Agency has suspended most of its collection measures. While the Canada Revenue Agency has only suspended its collection activities for new debts.
Nevertheless, it is important to mention that for any debt already in your tax file, interest continues to accumulate at the prescribed rate.
If you think that you may not be able to pay your tax debt or comply with a payment agreement, due to COVID-19, or any other special circumstances, you may ask the tax authorities to cancel the penalties and interest accumulated in your file.
To submit a Request for Interest and Penalty Relief, we invite you to contact your legal advisor.