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Date: January 6, 2023
Whether you are looking to avoid future mistakes on our tax records or you have already filed them and realize there has been an error recorded, our team at Wales Accounting is here to help. In this guideline, we will cover a list of common mistakes that are made and how to correct certain mistakes that have been made. Our team understands that filing tax returns isn’t easy and can be stressful, for this reason, we recommend hiring our Personal Tax Filing in Richmond Hill services.
Mistakes
Forgetting Allowable Deductions or Credits
While the government is constantly changing the rules of tax deductions and tax credits, this can make it easy for individuals to forget about certain rules that apply to them. Oftentimes, overlooked items include tax credits for interest on student loans, a deduction for union dues, or deductions for work-related expenses that were paid personally.
Getting Rid of Receipts
While most things have become automated, we are here to remind you that the CRA can still request receipts for things like tuition, donation, or child care expenses. As a reminder, individuals should keep up to seven years of receipts – Upload a digital copy to your computer if it’s easier to keep track of!
Missing the Tax Deadline
While the tax filing deadline was extended during the pandemic in 2019, the deadline has remained very tight since then. For Canadians who fail to meet the deadline, they could face a heavy interest or penalty, which could actually delay benefit payments, and refunds will not be completed on time.
Fixes
Request a Change to Your Return
A request to change the return can be done for the previous 10 years. Typically, the CRA will respond in two weeks for online adjustments, but mail adjustments could take up to eight weeks. After filing a return, this request can be approved or denied. If approved, one will receive a “Notice of Reassessment” and if denied, one will receive a letter explaining the reasoning.
If you are wondering how you can make a return, there are a few options. You can choose to do it Online, ReFile, or by Mail. If you select Online, you can log onto your EFile account and select “Change my return”. If you choose to ReFile, you can fill out a T1 form and submit it to your local tax center. Or, if you decide to mail a signed letter, you can send it to your tax center.
How We Can Help
If you are looking to avoid making a tax mistake or you are looking to hire a team that can help you fix a mistake that you’ve made, our team at Wales Accounting can help. Our team of professional accountants offers Tax Services in Richmond Hill that can help you ensure that your taxes are filed correctly. You can contact us at (905) 508-9262 to get all of your questions and inquiries answered. Our tax advisors would be happy to assist you next.
Categories: Blog
