Canadian Personal Tax Returns – Common filing errors and deductions

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Canadian Personal Tax Returns – Common filing errors and deductions (Tutorial 2 of 3)

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FULLY UPDATED FOR 2015 TAX RETURNS.

Preparing your own tax return is not necessarily a bad idea. For the most part, most Canadians have relatively simple tax matters.

However, if you do want to take on the task of filing your own returns, then there are some common filing errors and improper deductions that you need be aware of. In this training video, I review some of the most common errors made on tax returns along with improper deductions.

These errors are very easy for CRA reviewers and auditors (Canada Revenue Agency) to catch. They will make adjustments for you, then send you a bill including penalties and interest.

For additional Canadian tax tutorials in the Personal Income Tax Course, watch the following videos:

Video 1 – The 7 Deadly Filing Sins
http://youtu.be/G0TdxF5DiCE

Video 3 – Starting your own tax preparation business
https://www.youtube.com/watch?v=YEd2o…

For full details on the course including an outline of the modules, topics and how to register visit:
http://personalincometaxcourse.com

For information on other courses offered by SBC Knowledge Systems Inc. in the realm of Canadian Tax, Business & Wealth Planning, visit our website at:
http://www.sbcknowledge.com/

Some other great Canadian Tax Websites you should visit for useful information and resources on Canadian Tax Returns:

TaxTips Website
http://www.taxtips.ca/

H&R Block Canada Tax TIps https://www.hrblock.ca/media_centre/tax_tips.asp

Useful Tax Calculator
http://www.ey.com/CA/en/Services/Tax/Tax-Calculators-2014-Personal-Tax

Comments

Ian DiNovo says:

Hi Gloria. Sorry for the delay responding. I've been away on vacation.

Yes, making mistakes on your tax return is not a big deal in most cases. Your best bet is to give CRA a call they will let you know what you need to do. I'm assuming by status you mean marital status? If so, you can also fill out a 1 page form called the T1ADJ (T1 Adjustment) and ask them to change the status on your return to whatever it needs to be.

Hope that helps.

gloriaa0214 says:

So glad I found your videos! I have a question, if I screwed up filing my status incorrectly, is it fixable? If so, how complicated is it? 

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