Amended Tax Returns: Reclaim Your Money, Resolve Your Errors
Don't Let Tax Mistakes Cost You - Act Now
Did you overlook income? Miss crucial deductions? Discover errors in your tax filing? Our CPA team specializes in amended tax returns, meticulously reviewing your original filing to uncover hidden savings while ensuring full compliance with CRA regulations. With our help, what started as a tax oversight could end up putting more money back in your pocket.
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Unreported Income
Overlooking income or investments can lead to CRA penalties and interest. Our CPAs help you accurately report all earnings, including freelance work, dividends, and capital gains, ensuring compliance and avoiding costly surprises.
Missed Deductions or Credits
Don't leave money on the table. We identify often-overlooked deductions and credits that could significantly reduce your tax liability or increase your refund.
Incorrect Filing Status
Filing status errors can impact your tax bracket and available deductions. Our team ensures you're using the most advantageous filing status and correctly claiming dependents to optimize your tax situation.
Foreign Income Errors
International tax requirements are complex and ever-changing. We guide you through proper reporting of foreign income and assets, helping you avoid severe penalties.
Misclassified Business Expenses
Proper expense classification can substantially impact your business's tax liability. Our experts review your expenses, ensuring they're correctly categorized to maximize deductions while maintaining compliance with CRA guidelines.
The Amendment Process Made Simple
Thorough review of your original return
Our CPAs meticulously examine every line of your original filing. This comprehensive analysis ensures no detail is overlooked, setting the foundation for an accurate amendment.
Identification of Errors and Missed Opportunities
We pinpoint discrepancies and uncover potential tax-saving opportunities. Our expertise often reveals deductions or credits you may have missed, potentially increasing your refund.
Reconstruction of Your Return and Forms
We don't just file, we rebuild your entire return, including all required supporting documentation, to ensure full compliance and maximize your tax benefits.
Clear Explanation of Potential Outcomes
We break down the amendments in plain language, helping you understand the impact on your tax situation. You'll know exactly what's changing and why, empowering you to make informed decisions.
Electronic Filing for Faster Processing
For eligible tax years, we leverage e-filing to expedite your amendment. This streamlined process can significantly reduce processing time, getting you results faster.
Ongoing Support for CRA Inquiries
Our commitment doesn't end with filing. We stand by your side, addressing any follow-up questions from the CRA promptly and professionally to ensure a smooth resolution.
FAQs on Amended Tax Returns
How does a tax return amendment work?
The CRA requires that a return is amended anytime an error or omission is discovered. Amended returns require quite a bit more. The CRA requires that we resubmit the entire return explaining the changes both numerically as well as verbally.
What are the most common reasons that you may need to amend your taxes?
Common reasons include: receiving a penalty letter from the CRA; forgot to report income; qualify for missed deductions or credits; incorrect dependent information; left out foreign income requirements; returns filed too aggressively; missing depreciation; incorrect state tax allocation.