Thanks to commenter David on my recent QuickTax software review, I learned that you can claim your kids and I now need to refile my tax returns for the last two years. It is on the federal TD1 form and is plain as day (now that I look at it). So much for saving money by doing my taxes myself! Mr. Cheap has asked me a few times if I’ve even considered going to an accountant and I now realize that he wasn’t asking so much as he was suggesting.
The good news is that I researched how to make corrections on tax returns that you’ve already filed and it looks to be very easy. Here is the T1 form you need to fill out. Basically all you have to do is fill out the line number you are changing, the old value, the new value and that’s it. CRA will recalculate your tax return. Read More…
It is very important to all filers that they get their returns accurate and if you do find a mistake then you do indeed need to file the correction forms. If and when you do get reassessed the penalty will be the same but the escalation of purposely filing an incorrect return will be lessened.
I am surprised an article like this needs to be written since it is very much upfront when you do a tax return that child deductions exist.