The CRA issued a notice on July 10, which included the following paragraph about difficulties with its GRIP calculation schedule:
The CRA has recently determined that a former version of T2 Schedule 53 – General Rate Income Pool (GRIP) Calculation (2006 and Later Tax Years), a form used to calculate the GRIP pursuant to subsection 89(7) of the Act, did in some situations, for the 2006 taxation year, produce an excessive balance. Unfortunately, this fault in the form was also built into software packages sold by commercial vendors.
The notice goes on to state that taxpayers, if they make an application for relief before December 31, 2007, can avoid penalties on excessive eligible dividend elections.
