![]() During this period, most adjustment requests are not subject to CRA discretion. The first milestone is the end of the three-year limitation period (usually the three years following the day your original notice of assessment for the particular year was issued). There are two timeframes to keep in mind if you need to adjust your tax return. If you have forgotten to report income, you do need to make sure that you report it as opposed to waiting for CRA to find it. Second, CRA could adjust your original return for you. First, making a request too early could lead to unnecessary delays in processing time for both the original return and the adjustment. ” There are at least a couple of reasons for this, he says. ![]() HOW TO MAKE A T1 ADJUSTMENT:Īs Warren Orlans, tax consultant and blog editor for TurboTax Canada, points out, “Once you’ve filed your return (mistakes and all), you can’t file a new one,” he says. “In addition to making an adjustment for a deduction or credit you missed, you should keep in mind that you are required to report income even if you have already filed a return.” Where income is not reported, penalties are possible. ![]() “Tax return adjustments are common and the CRA has set up options to try to make it as easy as possible,” says Bruce Ball, vice-president of tax for CPA Canada. Minutes later, it occurs to you that in your haste to file, you forgot to claim your RRSP deduction-or to report that consulting work you did back in February of last year. ![]() You’ve just filed your 2018 return and are busy congratulating yourself for meeting the deadline with plenty of time to spare. “Tax return adjustments are common and the CRA has set up options to try to make it as easy as possible,” says Bruce Ball, vice-president of tax for CPA Canada (Shutterstock/Sean Locke Photography) ![]()
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