Filing accurate taxes requires a lot of documentation, and often you can make mistakes. Whether it be a miscalculation, or you forgot to claim an expense, there are multiple ways for you to trip up when filing your income taxes. If this has happened to you, take a deep breath, as this problem can easily be solved.
Before doing so, it is wise to double-check to see if you forgot to claim the expense. You do not want to make the mistake of misreading your income taxes and then claiming an expense for a second time. With that said, if you are certain that it is not a mistake, here is what to do to fix it.
Gather Documentation & Contact CRA
To get started, gather all the documentation related to the forgotten expenses and your previously filed income tax. These documents include your notice of assessment and evidence of the forgotten expense. After you have gathered the information, you can contact the CRA.
Claim the Expense by Phone
You can reclaim an expense by calling the CRA and speaking with a representative. During the phone call, you will need to provide information on the expense, including when it happened and how much it is.
Claim the Expense Online
You can also claim an expense adjustment through the CRA’s ReFILE Service. You will need to log in to ReFile using your CRA credentials. From there, you will see the option to adjust a tax return.
Follow the steps on screen, submit your documentation, and the CRA will review the expense claim.
Get Professional Assistance
If this sounds too complex, it is time to contact a professional CPA. At NaickerCPA, we can help you claim forgotten expenses and reduce your overall tax liabilities. Whether you need help with your taxes or business taxes, contact us today for professional support.
If you have any questions about this article or business taxes, in general, or you want to make an appointment with an accounting professional at Naicker & Associates, please contact us at (604) 469-9369. We are based in Port Moody, BC.
