Things to consider after your Personal Tax Return is Filed
By now, you are probably relieved that your personal tax returns have been completed. However, there are a few things you should consider even after the return has been filed.
Review your Notice of Assessment
You should ensure that the return was in fact assessed as filed. CRA sometimes reassesses information and will show a different balance owing or refundable than you expected. You can check this amount by reviewing the paper copy you get in the mail, or through the CRA “My Account” online.
If you disagree with your assessment, CRA needs to be notified quickly. We can help you resolve issues with the notices of assessments by submitting a notice of objection with the CRA. The deadline for filing a Notice Objection for an individual (other than a trust) is the later of one year after the tax return is due and 90 days after the date of the Notice of Assessment.
Adjusting your tax return
If you realize you have missed a tax deduction or credit, or that you may have missed including an amount in your taxable income, you should make an adjustment to your tax return. You should wait to receive your Notice of Assessment from CRA before submitting a request to adjust your tax return.
Communications received from CRA
The CRA conducts many types of review programs that can occur at any time during the year. These reviews are communicated to you with a letter from CRA requesting information. It is important that you reply to legitimate CRA requests for information before the deadline, usually 30 days from the date of the letter.
Always watch out for any fraudulent companies or individuals trying to get your information. CRA will never leave any voicemails that are threatening, use aggressive language, ask for payment by e-transfer, bitcoin, prepaid credit cards or gift cards. If you are ever in doubt call CRA directly.
Be sure to contact Ritchie Shortt & Tully LLP if you have any questions or would like our assistance!