Can I change my return if I find a mistake?

Yes, you can file a T1 Adjustment using form T1-ADJ, “T1 Adjustment Request,” to amend your return for any mistakes you may find after the fact. You can also request changes online under the “My Account” option on the CRA Web site.

File your tax return on time.

While filing your return on time won’t technically reduce your tax liability, it will help you avoid costly penalties and interest. If you don’t file on time, and you owe money, penalties are charged. In addition, if you don’t ante up on your tax bill, the interest payments can be huge. You might be better off taking out a bank loan to pay the tax if you can secure a lower rate than the CRA will charge you. File and pay by April 30 to avoid these costs.

When is my return due?

Your income tax return is due on April 30 each year, or June 15 if you or your spouse ran a business in the year, although if you owe tax your payment is due on or before April 30). If you owe taxes, make sure your return is transmitted or postmarked before midnight on the due date to avoid late-filing penalties and interest.

Tax planning

Welcome to my blog!

We will be discussing about tax planning and management in this forum.Any tips are welcome and we invite people to ask any queries they may have in this regard.

Reetu Choudhury