Backdating Tax Returns in Canada: Navigating the Rules and Regulations
Filing taxes in Canada is mandatory for everyone. But sometimes taxpayers find errors, missed deductions or unreported income on previously filed tax returns. In those cases you need to backdate your tax returns to fix those mistakes and be in compliance with Canadian tax laws. This article by Tax Warriors in Toronto will explain what backdating tax returns in Canada means, when you can do it and the consequences and process involved. What is Backdating Tax Returns in Canada? Backdating a tax return in Canada means filing or amending a tax return for a previous year after the deadline has passed. Note that backdating is different from filing an extension. An extension allows you to delay filing your return, backdating is used to fix errors or changes on a return you already filed. When Can You Backdate Tax Returns in Canada? Fixing Errors If you find an error on a previously filed tax return, the Canada Revenue Agency (CRA) allows you to file an amendment. This is done using Form T1-AD...