Do You Need to Request An Adjustment

Did you receive additional income slips or find more deductions after you filed your taxes? We recommend that you request an adjustment to your return, and the sooner you do so the better.

• If the slip is a T4, T4A, T5 or other slip on which income is reported, you should request an adjustment right away. The CRA will have a record of this slip and the longer you wait, the more interest they will charge. Should they discover unreported income twice within a four-year period, you will be subject to an automatic penalty.
• Maybe it was a childcare receipt or other receipt entitling you to a deduction that you found hiding in a drawer. You may wish to wait and claim it on next year’s return instead. However, with some exceptions, this is not possible. To realize the benefit of the deduction, you will need to file a Request for Adjustment. The sooner you request an adjustment the better, since the government will not pay you interest on the additional tax they refund you!
• Maybe the deduction is from several years ago. Don’t make the mistake of thinking that it’s too late now to make a claim. Under the Fairness Package you can go all the way back to 1995 to request an adjustment if you have the proper documentation.

We will file an adjustment for you, regardless if we prepared your return. Call us to request an estimate for this reasonably priced service.