If you’ve filed your tax return and realized that you made an error or missed claiming a credit or deduction, you may be able to fix it by filing a T1 adjustment request form. A T1 adjustment is the process of changing or correcting information on your previously filed Canadian tax return. In this blog post, we’ll cover everything you need to know about T1 ADJ adjusting your tax return.
Who Can File a T1 Adjustment Request?
Anyone who has filed their Canadian tax return can file a T1 adjustment request. You might need to file a T1 adjustment if you have:
- Made a mistake on your tax return
- Received new information after filing your return
- Forgot to claim a credit or deduction on your tax return
- Received a notice of assessment or reassessment that shows an error in your original tax return
How to File a T1 Adjustment Request
To file a T1 adjustment request, you will need to complete a T1-ADJ form. You can access this form on the Canada Revenue Agency (CRA) website or through your tax software. You’ll need to provide the following information:
- Your social insurance number (SIN)
- Your full name, address, and telephone number
- The year of the return you want to adjust
- Details of the changes you want to make to your return
- Your reasons for requesting the adjustment
You can file your T1 adjustment request online through the CRA’s My Account portal or by mail. If you are mailing your request, make sure to include copies of any supporting documents such as receipts, forms, or schedules.
Deadlines for Filing a T1 Adjustment Request
You have up to 10 years to file a T1 adjustment request for a previous tax year. However, the CRA recommends that you file your request as soon as possible to avoid interest charges and penalties for unpaid taxes.
If you are making a change to a current year tax return, you must file the T1 adjustment request within three years from the end of the tax year. For example, if you want to adjust your 2021 tax return, you must file the request by December 31, 2024.
What Happens After You File a T1 Adjustment Request?
After you file your T1 adjustment request, the CRA will review the information you provided and will send you a notice of reassessment. This notice will show your updated tax balance and any changes made to your return. If the CRA requires additional information or supporting documents, they will contact you by mail.
If the T1 adjustment results in a refund, the CRA will issue a new refund to you. If the adjustment results in a balance owing, you will need to pay the amount owed plus any applicable interest charges and penalties.
Conclusion
A T1 adjustment request can help you correct mistakes, add missing credits or deductions, and update your tax return. However, it’s important to file your request as soon as possible to avoid interest charges and penalties. If you need help with your T1 adjustment request, it’s recommended to seek advice from a tax professional who can guide you through the process.