Changes to your Tax Return
Filing your taxes can be a simple or complex process depending on each person’s circumstances. Sometimes, people can forget to provide their accountant with certain documents. These documents can be in the form of a T4 slip from the place you worked for one day, or the receipt for your child’s day care. There are many examples of a tax payer being reassessed later and having to pay, or return a refund because they missed expenses and credits that would have decreased their tax payable. Thankfully, you can adjust your return going back 10 years.
-Union and professional dues
-Child care expenses
-Carrying charges and interest
-Public transit amount
-Children’s arts and fitness amount
-Home buyers amount
-Interest on student loans
How it Works:
-Log in to your Canada Revenue Agency “My Account Page” and make the request. If you are not registered, you can register at https://www.cra-arc.gc.ca/esrv…/…/ndvdls/myccnt/menu-eng.html.
-You register and then a password is mailed to you before the account becomes fully active.
-Online adjustment requests can take approximately 2 weeks to process.
-You can use a “T1 Adjustment Request” form and make the request. Once completed mail it or drop it off at your nearest CRA tax center along with supporting documents. You can find the form at https://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html.
-Mailed adjustment requests can take approximately 8 to 12 weeks to process.
Please contact us or your accountant if you have any questions or concerns.