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Income Tax Act

Version of section 207.06 from 2009-03-12 to 2010-12-14:


Marginal note:Waiver of tax payable

  •  (1) If an individual would otherwise be liable to pay a tax under this Part because of section 207.02 or 207.03, the Minister may waive or cancel all or part of the liability if

    • (a) the individual establishes to the satisfaction of the Minister that the liability arose as a consequence of a reasonable error; and

    • (b) the individual acts without delay to cause one or more distributions to be made, under one or more TFSAs, the total amount of which is not less than the amount in respect of which the individual would otherwise be liable to pay the tax.

  • Marginal note:Waiver of tax payable

    (2) If a person would otherwise be liable to pay a tax under this Part because of subsection 207.04(1) or section 207.05, the Minister may waive or cancel all or part of the liability where the Minister considers it just and equitable to do so having regard to all the circumstances, including

    • (a) whether the tax arose as a consequence of reasonable error; and

    • (b) the extent to which the transaction that gave rise to the tax also gave rise to another tax under this Part.

  • [NOTE: Application provisions are not included in the consolidated text
  • see relevant amending Acts and regulations.]
  • 2008, c. 28, s. 31
  • 2009, c. 2, s. 71

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