New clients came to us that hadn't filed for several years and on review we discovered some information didn't make sense.
The couple had RRSP withdrawals but no evidence they had ever put money in RRSP's in all the years we were preparing. We looked into it further by contacting CRA and discovered over $2000 of RRSP contributions were never deducted, mainly from 2003-2004. The result of fixing this was additional tax savings of over $500.
They would have been double taxed on this money, first when they earned it, and again when they took it out of the RRSP; because they never got a tax break when they put it the RRSP to remove it from income when it was earned.
Adjustments can be made to filed tax returns for up to 10 years. Contact us for a free consultation if you aren't sure about your RRSP deductions or withdrawals at service@painfreetaxes.ca we serve clients worldwide with Canadian Personal Income Tax Returns.
No comments:
Post a Comment