If you’re struggling to pay your taxes, you might be able to get some relief with the 45(2) Form Tax Assistance program. This program allows taxpayers to defer payment of taxes owed and to make a payment arrangement with the Canada Revenue Agency (CRA). In this blog post, we’ll explain everything you need to know about the 45(2) Form Tax Assistance program.

What is the 45(2) Form Tax Assistance program?

The 45(2) Form Tax Assistance program is a program offered by the CRA to help taxpayers who are unable to pay their tax debt in full. This program allows taxpayers to defer payment of taxes owed and to make a payment arrangement with the CRA.

Who is eligible for the 45(2) Form Tax Assistance program?

To be eligible for the 45(2) Form Tax Assistance program, you must meet the following criteria:

• You must be an individual, not a corporation or partnership.
• You must have a balance owing on your taxes.
• You must be experiencing financial hardship, such as unemployment or illness, that prevents you from paying your taxes.

How do I apply for the 45(2) Form Tax Assistance program?

To apply for the 45(2) Form Tax Assistance program, you must complete and submit Form RC4288, Request for Taxpayer Relief – Cancel or Waive Penalties or Interest. You will need to provide a detailed explanation of your financial situation and the reasons why you are unable to pay your taxes in full. You will also need to provide supporting documentation, such as medical certificates or proof of unemployment.

What happens after I apply for the 45(2) Form Tax Assistance program?

After you apply for the 45(2) Form Tax Assistance program, the CRA will review your application and determine if you are eligible for relief. If your application is approved, you will be able to defer payment of your taxes owed and make a payment arrangement with the CRA. If your application is denied, you will need to pay your taxes in full or face penalties and interest.

It’s important to note that the 45(2) Form Tax Assistance program does not reduce the amount of taxes you owe. It only provides relief from penalties and interest and allows you to make a payment arrangement with the CRA.

In conclusion, the 45(2) Form Tax Assistance program is a helpful tool for taxpayers who are struggling to pay their taxes. If you meet the eligibility criteria and are experiencing financial hardship, consider applying for this program. Just remember that it does not reduce the amount of taxes you owe, and you will need to make a payment arrangement with the CRA.