You’ve added a stamp and mailed the envelope or you hit the send button and e-filed your tax return. Feels good to have this task done! Then you receive another receipt, realize you used the wrong date for your medical deductions, get another information slip in the mail, notice you incorrectly calculated your deductions, realize you input the wrong social insurance number and/or gave an incorrect bank account or routing number. Don’t panic! There are procedures to follow so you can change your tax return after filing and fix the mistake you’ve made.
If you’re requesting a change to a T1 income tax return, the adjustment can be accomplished online or by mail. You can request a change to the current year or any of the previous nine years. A separate request is required for each year you wish to amend.
- By mail: Send a completed T1 Adjustment Request form (T1-ADJ) to your tax center or send a signed letter asking for an adjustment to your return. You’ll need your social insurance number, the year of the return you are amending, your address and a phone number at which you can be reached.
- Online: Use the change my return option found in My Account, a secure online service. You can access My Account in one of two ways, through a Sign-In Partner (selected financial institutions such as BMO and ING Direct) or by creating and using a CRA log-in. You’ll need your social insurance number, date of birth, current postal code and your copy of the tax return you are amending.
If you’re requesting a change to your T2 income tax return, you can do so by mail or online.
- Online: Use commercial Canadian tax software or send your amended T2 tax return in barcode format to the CRA.
- By mail: Send a letter to your tax center. Make sure you include the name of your corporation, your business number, the tax year and details including revised financial statements and revised schedules. Use Schedule 4 to carry back a loss, Schedule 21 to carry back foreign tax credits, Schedule 31 to carry back an investment tax credit and Schedule 42 to carry back a part I tax credit.
After making online changes to your tax return, keep all your receipts and supporting documents in case the CRA asks to see them. Provide supporting documents only if asked to do so and using the method of submission indicated in the CRA’s contact letter.
How long will it take for the change to be made?
The CRA will review your request for a change and advise you if the change is allowed by sending you a notice of reassessment or a letter explaining why the changes you requested are not possible. It will take approximately two weeks for a change requested online and eight weeks for a change requested by mail. Additional time may be needed if the CRA contacts you for more information or documentation. Requests which are submitted during the CRA’s peak return processing period, between March and July, will take longer.
If you realize, after submission, there’s an error on your tax return, don’t worry! There are procedures in place to help you make changes and adjustments. Tired of completing complex forms for tax? Contact a chartered professional accountant. They have the knowledge and expertise to make tax claims a breeze.
Need help preparing your tax return? Require assistance correcting a tax return? Contact Cook and Company Chartered Professional Accountants. Whether you operate a sole proprietorship or a sizable corporation with multiple subsidiaries, Cook and Company uses their experience and expertise to help you. Contact us for a complimentary consultation.
Resources:
https://www.canada.ca/en/revenue-agency/services/forms-publications/forms/t2sch42.html
