Expecting a corporate tax refund? Remember to file your taxes within three years.
If you are expecting a corporate tax refund or if you are claiming a dividend refund, remember to file your tax return no later than three years after the end of the taxation year to which the refund relates. Under the Income Tax Act, if a return is not filed within three years of the end of the taxation year, the related refund or dividend refund is no longer available. The provisions that allow the Canada Revenue Agency the discretion to issue refunds to individuals and graduated rate estates after the three-year limit if the return is filed within 10 years of the year-end do not apply to corporations. Your BDO tax advisor would be pleased to provide further details.
This tax tip is a publication of BDO Canada LLP on developments in the area of taxation. This material is general in nature and should not be relied upon to replace the requirement for specific professional advice. The information in this tax tip is current as of May 7, 2019.