Hello There,
Yes correct, The CRA will grant relief in respect of late-filing penalties and arrears interest until June 2, 2025, for impacted T1 Individual filers to provide additional time for taxpayers reporting capital dispositions to meet their tax filing obligations. This relief will be for any forms and/elections that are normally included with the T1 (e.g.: Foreign Reporting Forms, including Form T1135, Foreign Income Verification Statement).
You can find more information on their website : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/important-dates-individuals/filing-dates-tax-return.html
Thank you for quick response! Will the relief be granted automatically or does one have to call the CRA to have penalties reversed?
@milindrn The CRA will grant the relief automatically if your return qualifies.