Oh no, I missed something for my tax return!

I am sure the above issue happened to many of us before. When we think that we have been thorough, there is still something we might miss because tax can be complicated. We only do it once a year and we could forget what we did before.

First issue is missing tax slips.  Financial institutions and employers are supposed to send the tax slips to CRA and individuals by end of February online or by mail. I received the bank interest statement T5 form just yesterday. I was wondering whether I need to log on to its website to download it myself because some institutions only make the tax slips available online to be downloaded. Perhaps I indicated I only want it electronically.  

I know some people received the T4 – employment income tax slips, but they were not in their CRA MyAccount online or vice versa. They didn’t have the T4 mailed to them, but they are stored on CRA MyAcccount.

Therefore, it is a good idea to check CRA MyAccount after end of February to see what tax slips are available. Besides, please check all financial institutions’ website to download all available tax slips. They might not all been sent to CRA or they could be sent late.

Second, don’t forget certain tax credits or deductions such as claiming work from home expenses, senior public transit expenses, digital news subscriptions, donations, rent, property tax, etc. An elderly lady never knew that she can claim public transit expense. She was told that it doesn’t make a difference to her unfortunately. She spent more than $1.2K on Toronto public transit last year and she got more than $200 tax refund after she claim that she can’t get otherwise. Every penny counts.

Last but not least, if we do find that we have missed something or got something wrong, no big deal. No need to panic. It is easy to provide missing tax information or correct mistakes. The faster way is to log on the CRA MyAccount, click “Change Return” and do it online. The other way is to download a T1 Adjustment form, fill it and mail it to CRA.

Hope your tax filing is a smooth one.

Published by Worthfy

Financial literacy and counselling

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