Unlimited period of reassessment

We can reassess a return at any time for any of the following reasons:

• Misrepresentation or fraud - The corporation has made a misrepresentation because of neglect, carelessness, wilful default, or fraud in either filing the return or supplying information required by the Income Tax Act.
• Waiver of normal reassessment period - The corporation filed Form T2029, Waiver in Respect of the Normal Reassessment Period with a tax services office before the normal reassessment period expired. The time during which a waiver can be filed is extended an additional three years after the end of the normal reassessment period, if the waiver applies to one of the situations described at Extended period of reassessment.
• Carryback of losses or tax credits - The reassessment is to carry back losses or certain tax credits and deductions where a prescribed form requesting the amendment has been filed on time.
• Court request - A court instructs us to reassess.

Note
If you want to revoke a waiver that was previously filed to extend the normal reassessment period for a certain tax year, file Form T652, Notice of Revocation of Waiver, at your tax services office. The revocation will take effect six months after you file Form T652.

Forms and publications

• Guide T4012, T2 Corporation Income Tax Guide
• Form T2029, Waiver in Respect of the Normal Reassessment Period
• Form T652, Notice of Revocation of Waiver