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| *Loan,banking and credit>>>income tax |
I am a Canadian. Should I be worried if I made a mistake on my income taxes? |
I recently filed my income taxes for the first time through the paper format. I am wondering, what are the consequences if one makes an error on the return? I was short on time and went very quickly through it. Do they review every return, and will they correct any mistakes I may have made? This question is directed towards Canadians. IF it worries you too much you can send them a letter of explanation. If your return does not involve higher figures it may not attract much attention. If you unknowingly make a mistake and file it then you should be okay. They usually to through all your paperwork anways and "adjust" accordingly. I heard that some people don't even fill out the paperwork. they just put all their t4's and all their receipts in an envelope and send it, no stamps either. Well it is illegal to file but not illegal to not fill in!! Crazy EH. GOOD LUCK fellow Canadian. I made a mistake on mine this year to so all I did was give them a quick call to let them know and they said NP they would correct it for me. yes i think so i think everyone does u know everyone If you make a mistake that's catchable, then Rev Canada will catch it. It happened to me once and they automatically deposited more money into my bank account that belonged to me all along. If you know for sure you made a mistake and Rev Can doesn't catch it, if the mistake is in your favour, notify them of it. As far as I know, you don't have to claim scholarships and bursaries. If you did, the school would have given you a tax form for them similar to a T4. If you call them and report the mistake they may not penalize you. We got dinged with $800 penalty when Revenue Canada audited my 2004 Return. We moved that year and a T4E slip was sent to the wrong address. We never received it and reported it as income. They put it back on the T1, calculated the extra tax we owed back, and then charged us 50% of the income we did not report as a penalty. Luckily we got a *&^* load back this year and they just took it off the refund... |
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