Plain meaning
A taxpayer waiver allowing the CRA to assess or reassess beyond an otherwise applicable time limit for specified matters.
Also called
waiver of normal reassessment period
limitation waiver
Key points
- A waiver usually identifies the taxation year, issue, and scope covered.
- It can extend the time for the CRA to reassess the specified matter.
- Taxpayers may later be able to revoke a waiver, subject to statutory rules and timing.
- Signing a waiver can have significant procedural consequences and should be understood carefully.
Why it comes up
Waivers matter during audits and negotiations because they can preserve issues while avoiding immediate protective reassessments.