How to Amend Your Tax Return After Filing
Mark Virgil Lofranco • 27 November 2024
If you’ve made an error on your tax return, don’t worry! Mistakes happen, and the good news is that correcting them after filing is a straightforward process. Here's how to fix your tax return and what you need to do to refile your taxes.
How Do I Amend My Tax Return with the CRA?
You can adjust your tax return through a few convenient methods. You can refile using the same tax software you originally used or complete form T1-ADJ (T1 Adjustment Request) either online via CRA My Account or by mailing a paper copy.
To fill out the T1-ADJ, you'll need your social insurance number, the tax year you're adjusting, and your name and address. You'll also list the line numbers from your original return where the adjustments need to be made.
For example:
- Line 10100: Employment income, previous amount $28,600, add $200, new amount $28,800
- Line 21200: Union dues, previous amount $500, add $20, new amount $520
How Do I Refile My Taxes in Canada?
Before refiling, wait to receive your NOA from the CRA. You can make adjustments up to 10 years after the tax year in question. There are three primary ways to refile your taxes:
ReFILE through TurboTax
- If you used TurboTax to file, you can use the ReFILE feature to make changes. Simply log in, navigate to your return manager, and select “ReFile.” If you used TurboTax Full Service, you can schedule a call with an expert to help you amend your return. ReFILE is not currently available for Quebec residents.
CRA My Account
- Sign in to CRA My Account and select “Change my return.” Choose the tax year and the specific line you need to adjust, input the corrected information, and submit. You can only submit one request at a time, but you can make multiple changes in a single request.
- Complete a paper T1 Adjustment Request form and mail it to your local tax centre along with supporting documents.
What Happens After I Submit Changes?
Once your amendment is processed, the CRA will send one of the following:
- A Notice of Reassessment, which shows the updated information.
- A letter explaining why the requested changes were not applied.
Processing times vary:
- Online: About 2 weeks.
- Mail: About 8 weeks.
By checking your CRA My Account, you can track the status of your adjustment request.
Final Thoughts
Mistakes on your tax return can be fixed easily and quickly. The CRA prioritizes resolving these issues and works to help you make necessary adjustments without added stress. So, if you realize you’ve made an error, take action and get your taxes back on track.
Key Takeaways
- You can amend your tax return even after filing.
- Wait for your Notice of Assessment (NOA) before making changes.
- You can adjust returns dating back up to 10 years.
Are you a U.S. citizen living and working in Canada? Maybe you're a dual resident unsure of which tax rules to follow, or perhaps you cross the border daily to work for a Canadian company. Understanding the U.S./Canada Tax Treaty is essential for anyone earning cross-border income. Filing taxes in just one country can be complex, and the U.S. tax system is one of the most complicated in the world. Figuring out taxes for both Canada and the U.S. can be challenging, but don’t worry, we’ve got answers. Here’s how your taxes work under the U.S./Canada tax agreement if you’re living or working in Canada and earning income.
Starting your own business is an exciting and rewarding journey, but with all the enthusiasm, some important financial details—like tax deductions—can be overlooked. As a new business owner, reducing your tax burden is crucial to maximizing profits, yet many Canadian small-business owners miss out on valuable tax deductions, paying up to 42% in taxes. While you're likely familiar with common deductions like office supplies, meals, and wages, there are many lesser-known tax breaks that could save you money. Let’s dive into nine commonly missed tax deductions that could benefit your startup.
Navigating the financial landscape of your child’s education expenses, especially with rising inflation, can be challenging. Whether you're already contributing to a Registered Education Savings Plan (RESP) or considering opening one to fund your child’s post-secondary education, it’s essential to understand the rules and benefits associated with RESP withdrawals. Here’s a comprehensive guide to help you make the most of your RESP in Canada.
Did you know that public funding could help kickstart your business? While many entrepreneurs are familiar with startup loans, fewer know about the wealth of public funding options available—specifically, tax credits and grants. These financial resources can be game changers for launching and growing your business. This article will guide you through various tax credits, grants, and other public funding options that can support your small business.
Buying your first home in Canada is an exciting milestone. However, potential and current homeowners in Toronto should be aware of a major change on the horizon: a proposed 10.5% increase in residential property taxes, the largest since 1998. This hike, driven by a nearly $1.8B budget shortfall, includes a 1.5% increase dedicated to city-building projects, such as transit and housing. Homeowners could face an extra $26.75 per month, or $321 annually, in property taxes. City officials have also warned that without federal funding, property taxes could rise even further, up to 16.5%.
Congratulations! Whether you’ve just become self-employed or started a side gig to earn extra income, you're on an exciting journey. Amid all the hustle, you might have come across something called a Business Number (BN). But what exactly is it, and do you need one? Let’s dive in and explore everything you need to know about registering for a BN as a self-employed person or small business owner.
Picture this: tax season is approaching, and you’re frantically trying to gather the documents you need, worried you might miss something important. Sound familiar? That’s why having a tax checklist is essential. It helps you stay organized and ensures you have everything you need to file smoothly. In this article, we’ll cover all the documents you need to have handy when filing your taxes!
As a taxpayer, one of the most critical aspects to stay on top of is the deadline for filing your taxes. The Canada Revenue Agency (CRA) enforces strict due dates for both returns and payments. Filing on time not only helps you avoid interest and penalties but also ensures you get your refund faster. We’ve compiled all the key tax dates you need to know for a stress-free tax season.
The way we file taxes has evolved dramatically over the past two decades, making it faster and more efficient to submit your returns. With tools like NETFILE, the Canada Revenue Agency (CRA) offers taxpayers a quick and secure method to file returns online. This article explains when to file your taxes, key deadlines, how NETFILE works, and why it’s a great option for fast-tracking your tax return.
If you missed the tax filing deadline and are feeling anxious, take a deep breath—it’s more common than you think, and it’s not too late to take action! You can still file your tax return even after the deadline, and this article will walk you through the process to help you file confidently and minimize any potential penalties.
