What is a Tax Adjustment?

A tax adjustment, specifically a T1 Adjustment is filed when you want to change your tax return. You may want to file an adjustment it there are:

Mistakes on your tax return

Received new information or revised information after your tax filing

Forgot to claim a deduction or a credit on your tax filing

Received a Notice of Assessment that shows an error in your original tax filing

How to file a T1 Adjustment

You will need to complete the T1-ADJ form. This form can be found on Canada Revenue Agency (CRA) website or through a certified tax software. For multiple years that you want to make adjustment, you need to file a T1-ADJ per year and you’ll need the following information :

The year you want to make changes

Your SIN number

Full name and address

Details of the changes you want to make from your original tax filing

The reasons for making the change

You can complete the T1-ADJ through the CRA’s My Account or by mail. If you are mailing your request, you must include copies of supporting documents.

You have up to 10 years to file a T1 Adjustment for a previous tax year.

The CRA will review your submission and should there be a tax refund, missing benefits that were owed to you such as the GST/HST credit, CRA will issue to you the payments. However, should there be a tax owing, you’ll need to pay the outstanding balance, plus any applicable interest charges and penalties.

For further information please contact Taxtron Support at 416-491-0333 or visit www.taxtron.ca