,canada ,cu/oms                       #a
& ,rev5ue ,ag5cy

          ,9t]pret,n ,bullet9
    
,subject3 ,9come ,tax ,act
  ,reassess;t ,": ,op;n ,ex]cis$ 9
  ,subsequ5t ,ye>
,numb]3 ,,it-#chd;,r
,date3 ,janu>y #ad1 #aihg
,ref];e3 ,subsec;n #di7#d7 7al p>agraph
  #aeb7#d77c77

  ,? bullet9 replaces & c.els ,9t]pret,n
,bullet9 ,,it-#chd dat$ ,june #bj1
#aigg4 ,curr5t revi.ns >e designat$
0v]tical l9es4

#a4 ,3sid],n may 2 rcvd 0grantors (
  op;ns 6acquire prop]ty or 64pose (
  prop]ty1 9 3nec;n )! grant+1 ext5.n1
  or renewal ( s* op;ns4 ,subject 6!
  -;ts 9 #h 2l 73c]n+ ! grant+ ( op;ns
  09dividuals 6acquire prop]ty71 ": 9 a
  "picul> tax,n ye> receipt ( s*      #a
              ,,it-#chd;,r           a#a
  3sid],n has result$ 9 ! 9clu.n ( an
  am.t 9 ! grantor's 9come &! op;n is
  ex]cis$ 9 a lat] ye>1 subsec;n #di7#d7
  provides a m1ns ( remov+ f ! grantor's
  9come =! prior ye> ! e6ect (! 3sid],n
  rcvd4
#b4 ,if ! grantor has fil$ a return (
  9come =! prior ye> 9 a3ord.e )!
  require;ts ( sec;n #aej1 an am5d$
  return =! prior ye> may 2 fil$ 0virtue
  ( subsec;n #di7#d71 provid$ ! am5d$
  return is fil$ on or 2f ! "d ! grantor
  is requir$1 0sec;n #aej1 6file a
  return =! ye> 9 : ! op;n is ex]cis$4
#c4 ,p>agraph #aeb7#d77c7 specifies ! "t
  limit 7in ? bullet9 ref]r$ 6z !
  8reassess;t p]iod07 )9 : ! ,de"p;t may
  reassess a return ( 9come 9 ! abs;e (
  fraud or misrepres5t,n1 ": a valid
  waiv] is n 9 e6ect or ": subsec;n
  #aeb7#f7 does n apply4 ,=! #aihc &
  subsequ5t tax,n ye>s ! 8reassess;t
  p]iod0 is ?ree ye>s 7f\r ye>s = ye>s
  prior 6#aihc7 f ! "d ( mail+ (a     #b
              ,,it-#chd;,r           b#a
  notice ( an orig9al assess;t or (a
  notific,n t no tax is paya# =a tax,n
  ye>4
#d4 ,9 ! circum/.es describ$ 9 #b abv1 a
  reassess;t 6exclude ! op;n proce$s w 2
  made pursuant 6subsec;n #di7#d71 ev5
  ?\< x o3urs subsequ5t 6! reassess;t
  p]iod describ$ 9 #c abv4 ,": ! am5d$
  return is fil$ af ! fil+ d1dl9e set \
  9 p>agraph #di7#d77c71 a reassess;t
  may 2 made only )9 ! reassess;t p]iod
  un.s a
--------------------------------------#b
  valid waiv] is 9 e6ect4 ,details (!
  require;ts (! ,act &! ,de"p;t's
  practice ) respect 6reassess;ts &!
  provi.n ( waiv]s >e 3ta9$ 9 ,9=m,n
  ,circul> #ge-g;,r#c4
#e4 ,adju/;ts made pursuant 6s* an am5d$
  return may a6ect o!r tax,n ye>s z
  well4 ,if ^! o!r a6ect$ ye>s >e )9 !
  reassess;t p]iod1 &! grantor wi%es 6h
  ! returns = ^! ye>s reassess$1 a
  writt5 reque/ %d 2 submitt$ =a      #c
              ,,it-#chd;,r           a#b
  refund1 giv+ ! relevant details4 ,!
  return = any s* a6ect$ ye> t is \tside
  ! reassess;t p]iod may 2 reassess$
  only if a valid waiv] is 9 e6ect 9
  respect (! ye>4
#f4 ,an op;n grant$ 0an 9dividual may
  rema9 9 e6ect af ! 9dividual's d1?4
  ,if s* an op;n is ex]cis$ af !
  grantor's d1?3
  7a7 ,an am5d$ return "u subsec;n
    #di7#d7 is unavaila#4
  7b7 ,! grantor's e/ate or heirs 7i4e41
    ! v5dor or pur*as] (! prop]ty1
    dep5d+ on ! type ( op;n7 is requir$
    6take 96a3.t only ! ex]cise am.t (!
    op;n4 ,9 ! case ( an op;n 6acquire1
    no upw>d adju/;t (! proce$s (
    4posi;n (! prop]ty is requir$ &1 9 !
    case ( an op;n 64pose1 no d[nw>d
    adju/;t (! co/ (! prop]ty is
    requir$1 9 respect (! 3sid],n rcvd
    0! grantor (! op;n4
  ,( c\rse1 ! p]son 6:om ! op;n 0 grant$
  is subject 6! provi.ns ( subsec;n   #d
              ,,it-#chd;,r           b#b
  #di7#c7 or 7#c.a7 z ! case may be1 9 !
  normal mann]4
#g4 ,prior 6,novemb] #ac1 #aiha1 if an
  9dividual grantor rcvd 3sid],n 9 a ye>
  =! grant+ ( an op;n &a taxa# capital
  ga9 result$1 ! grantor cd h pur*as$ an
  9come-av]ag+ annu;y 3tract 78,,iaac07
  9 respect (! relat$ qualify+ 9come4
  ,if ! return = t ye> is lat] reassess$
  6exclude ! taxa# capital ga91
  ,,it-#bcj;,r#b %d 2 3sult$ 6det]m9e
  tr1t;t (! 3tract4
#h4 ,! provi.ns ( subsec;n #di7#d7 d n
  apply 6! 4posi;n ( prop]ty "u an op;n
  grant$1 ext5d$ or renew$ af ,novemb]
  #ba1 #aihe ": ! op;n is 6acquire
  prop]ty & 0 grant$ 0an 9dividual4 ,":
  s* an op;n is ex]cis$ 9 a ye>
  subsequ5t 6! "o 9 : x 0 grant$1 n"o (!
  3sid],n rcvd 0! grantor 9 respect (!
  op;n w 2 a4$ 6! proce$s ( 4posi;n (!
  prop]ty transf]r$ on ! ex]cise (!
  op;n1 &! grantor's return ( 9come
                                      #e
              ,,it-#chd;,r            #c
  = any prior ye> w n 2 adju/$ 0r1son
  only (! ex]cise (! op;n4
#i4 ,! -;ts 9 ? bullet9 >e al applica# )
  respect 6call op;ns & put op;ns on : !
  grantor tr1ts ga9s & losses z 2+ on
  capital a3.t4 ,see al ,,it-#dgi;,r4

















                                      #f