News and Insights

CRA Fact Sheet, “Compliance refund hold impact on tax-exempt corporations”

Tax Development Jul 20, 2009

The Canada Revenue Agency has issued this fact sheet to inform taxpayers that an administrative position regarding rebates and refunds held under the compliance refund hold legislation, which became effective April 1, 2007, will be extended to include all tax years up to and including 2010. Refunds or rebates will not be withheld for tax-exempt incorporated municipalities, universities, schools, hospitals, non-profit organizations, federal crown corporations and Indian band councils because of outstanding T2 corporation income tax returns.

CRA Fact Sheet Compliance Refund