What if I Need to Change My Tax Return?

What can you do if your 2020 tax return is filed and you need to make a change? Maybe you received another information slip or one of the T slips you received already, a T4, T5 or T3 has now been amended. You can do a couple of things.

If you used a tax preparer you can forward the new slip to them and move on. If you filed your own return and you are registered for MyCRA, then you can go on MyCRA and follow the prompts for the “change my return” option. If you can’t do that, you can fill in a T1ADJ form and send it to CRA with the new slip. That might take longer, but it will eventually work.

The tip is -  if you get a new slip, deal with it right away, you do not want CRA to think you are attempting to avoid paying income tax and charge you a penalty.