Maximizing tax Savings with Personal Income Tax Adjustments: Enhancements to Change My Return and ReFILE
The Canada Revenue Agency (CRA) is dedicated to improving its services to better serve Canadians. As part of this commitment, the CRA has introduced enhancements to its online services, Change my return and ReFILE, allowing individuals to easily request changes to their tax returns. These services provide a convenient and secure way for taxpayers to make adjustments and ensure accuracy in their tax filings.
Change My Return: Making Adjustments Conveniently
Change my return is a secure My Account service that enables individuals to submit online adjustment requests for the previous 10 calendar years. Whether you need to correct errors, update information, or claim additional deductions or credits, Change my return makes the process quick and hassle-free. Representatives can also access this service through the Represent a Client portal.
ReFILE: Online Adjustment Requests for Recent Returns
ReFILE is an online service designed for individuals and EFILE service providers. It allows them to submit adjustment requests for the 2022, 2021, 2020, and 2019 tax returns using certified NETFILE software and EFILE software. This feature is especially valuable for those who want to rectify errors or claim missed deductions or credits in their recent returns.
Exciting New Features and Options in Change My Return and ReFILE:
The CRA has introduced several enhancements to Change my return and ReFILE, expanding the functionality and convenience for taxpayers. Let’s take a closer look at these new features:
1- Request Carry Back Amounts:
Now, individuals can request carry back amounts such as capital or non-capital losses. This option allows you to apply those losses to previous years’ tax returns, potentially resulting in tax refunds or reducing tax liabilities.
2- Split Pension Income:
For couples who want to split pension income, both the transferring spouse or common-law partner and the receiving spouse or common-law partner must request an adjustment. This applies when the elected split-pension amount was not previously claimed. To learn more about this process, visit How do you split your pension income? on Canada.ca.
3- Streamlined Requests with Enhanced Messaging:
The CRA has introduced improved messaging features within Change my return and ReFILE. These messages alert users when additional information, supporting documentation, or correction of errors is required to finalize their adjustment requests. Addressing these requirements promptly will help streamline the processing of your request.
Additional New Features in Change My Return:
In addition to the above enhancements, Change my return now offers the following features:
1- Changes to Carry Forward Amounts:
Individuals can now make changes to carry forward amounts, such as farming or fishing losses or restricted farm losses. This option allows for adjustments in subsequent tax years, maximizing available deductions.
2- Guided Assistance for Common Adjustments:
New features in Change my return guide users through common adjustments, such as adding tax information slips or claiming the disability tax credit. This ensures accurate reporting and helps taxpayers take full advantage of available benefits.
3-Changes to Non-Resident Returns:
Change my return now allows individuals to request changes to certain non-resident returns. This feature provides greater flexibility for individuals who have income or financial activities in Canada while residing abroad. For detailed information, please visit the Non-residents of Canada section on Canada.ca.
Conclusion: Partner with Dexado for Optimal Personal Income Tax Adjustments
The enhancements to the Change my return and ReFILE services by the Canada Revenue Agency bring significant benefits to taxpayers. These improvements allow for easy adjustment requests, including carry back amounts, pension income splitting, and changes to carry forward amounts. With streamlined messaging and guided assistance, taxpayers can quickly resolve any issues, ensuring accurate tax filings and maximizing available benefits. To learn more about changing your return, visit the “After you file your tax return – Personal income tax” section on Canada.ca.
At Dexado Accounting and Tax, we understand the complexities and challenges that individuals face when it comes to managing their personal income tax. Our services and offerings include Small Business Tax Accounting, Cloud Accounting and Bookkeeping, Tax Preparation, Tax Planning, CRA Audit Protection, Accounting Apps, Filing VDP Returns, and Custom Reporting. That’s why we are committed to providing proactive accounting and tax services that not only educate and inform but also help you avoid the risks associated with mistakes and the hassle of dealing with the Canada Revenue Agency (CRA) to resolve them. Our goal is to educate, inform, and empower you to make the most of your personal income tax adjustments while providing the peace of mind that comes from knowing your tax filings are in expert hands.
