A late tax election is when a taxpayer asks the CRA for permission to make a tax related decision after the normal filing deadline has passed.
In certain circumstances, a taxpayer can choose between:
using a default set of tax rules (i.e. standard process)
electing (choosing) an alternative set of rules
These "elections" give taxpayers options and flexibility in handling their financial matters.
The Canada Revenue Agency (CRA) may allow you to modify or cancel elections that have already been filed, or file an election even if you missed the deadline.
