Form RC7245 Waiver of the Limitation Period for Assessment of Certain Selected Listed Financial Institutions (Subsection 298(7) of the Excise Tax Act and Paragraph 25.1(B) of the Tax Administration Act) - Canada

Form RC7245 is used in Canada to request a waiver of the limitation period for assessing certain selected listed financial institutions. It is applicable under subsection 298(7) of the Excise Tax Act and paragraph 25.1(B) of the Tax Administration Act.

The financial institution would file the Form RC7245 Waiver of the Limitation Period in Canada.

Form RC7245 Waiver of the Limitation Period for Assessment of Certain Selected Listed Financial Institutions (Subsection 298(7) of the Excise Tax Act and Paragraph 25.1(B) of the Tax Administration Act) - Canada - Frequently Asked Questions (FAQ)

Q: What is Form RC7245?
A: Form RC7245 is the Waiver of the Limitation Period for Assessment of Certain Selected Listed Financial Institutions.

Q: What does Form RC7245 waive?
A: Form RC7245 waives the limitation period for assessment of certain selected listed financial institutions.

Q: Which acts are related to Form RC7245?
A: Form RC7245 is related to Subsection 298(7) of the Excise Tax Act and Paragraph 25.1(B) of the Tax Administration Act.

Q: Who is eligible to use Form RC7245?
A: Certain selected listed financial institutions are eligible to use Form RC7245.

Q: What is the purpose of Form RC7245?
A: The purpose of Form RC7245 is to allow eligible financial institutions to waive the limitation period for assessment.