There are many things in life that you cannot change, but luckily your tax return is not one of them. If you have made an error, it is quite easy for you to correct it, but the most important thing is to not file another tax return for the same year.
You should wait for your Notice of Assessment before requesting any changes to be made and you can only request changes as far back as 10 years.There are two ways to request amendments to your return: it can either be online or by mail, and both have their own rules and limitations.
This is usually the easier option all you have to do is to log into your CRA My Account and click “change my return”, however you cannot make changes to any of the following:
The processing time for an online request is usually two weeks unless it is sent in spring or early summer, or if it needs further review, or the CRA has to contact you for more information or documentation.
You will have to complete a T1-ADJ T1 Adjustment Request. You can download a copy of it from the CRA website. Alternatively, you can submit a signed letter with the following details:
The processing time for a mailed in request is usually eight weeks unless the same conditions apply as with an online request.
Once your review is complete you will receive either a Notice of Reassessment from the CRA or a letter explaining why the changes that you asked for were not applied.
So, you don’t need to worry if you have made a mistake on your tax return, it is relatively easy to make any changes.
What is Income Splitting and How Can it Reduce Your Tax Bill?
Self Employed? Do You Know What Your Tax Obligations Are?
What Happens if You File Your Income Tax Return Late
How to File Your Income Tax Return Electronically
10 Red Flags That Can Trigger a CRA Audit For Your Small Business
What is CRA ReFile and How Does it Work?
What are Input Tax Credits?
Tax Strategies to Reduce Small Business Income Tax