Many people find filing their taxes to be a major accomplishment. But what if you discover an error in your tax return only after you’ve pressed the send button? When it comes to filing a T1 return, there are numerous typical blunders that taxpayers make.

Tax Accountant Toronto team affirms that there’s really no need to get upset if you make a mistake when filing. There is a method for correcting any errors after you’ve submitted your paperwork.

Can You Make Amendments Immediately?

You can only update your tax return after you’ve received a Notification of Assessment. After you get this letter, you may request modifications to your income tax return. Any changes to a T1 tax return may be requested online or by mail.

If you want to make adjustments for your T1 tax form, contact the IRS at 1-800-829-1040 or visit one of their numerous offices. You’ll need to submit a T1 adjustment request form and send it to your tax center or simply write a letter then sign it and send it to your tax center requesting modifications.

When Can You Request For Changes

Tax accountant Toronto team state that you can ask the CRA to alter any of the previous 9 years’ records. You may also ask for adjustments to your current year’s tax return. To request changes in each year, you must send out separate letters on different forms.

The Review

When the CRA receives your correspondence or form, it will be studied and you will be informed if the adjustments will be approved or not. This is accomplished through a notice of assessment, which explains the modifications made to your income tax return as well as why they didn’t let those changes you requested previously.

If you filed a T1 return through the CRA’s Web form, it should reach them in 2 weeks if done online or 8 weeks if sent by mail. If the CRA has to verify any information or documentation, the changes may take longer.

Changing Your T2 Tax Returns

Tax accountant Toronto team entails that you can also change corporate income tax returns. The procedure is largely the same, with a few minor differences. You’ll wait for a Notice of Assessment before requesting changes electronically or by mail.

However, corporate tax return adjustments can only be requested within three years after the year in question. You’ll receive a notice of assessment once the review is complete, with any modifications or reasons for decline shown.

It may take a few days longer to assess corporate T2 tax returns. The CRA does not offer a specific timetable for reassessing corporate T2 tax returns. They may need further analysis or documentation to accept any modifications before they can be authorized. To save time, begin the process early.