T1-ADJ Tax Return Adjustment Request | Avoid a Penalty

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To err is human. This is why many taxpayers make mistakes filling out complex tax forms. Knowing that mistakes will happen, how can you correct it and adjust a tax return you have already filed? If you are an individual taxpayer, what you need to do is file a T1 Adjustment Request. The CRA allows individual taxpayers to adjust tax returns filed going back up to 10 years.

This is a relatively simple procedure in most cases. You can obtain the T1 ADJ form from the CRA website. The form has 4 sections, A to D. Section A requires you to identify yourself by providing your name, SIN, address, and the tax year you want to adjust. Part C contains the adjustment details and has spaces for the line number, the previous amount, the amount of change requested, and the revised amount. You will also be required to provide a detailed explanation of why the change is requested. Section D requires you to certify that the information given is correct and complete.

Once the CRA receives your adjustment request, it will review the changes requested. This can take 2-8 weeks (or longer). Once the CRA’s review is done, you will get a notice of reassessment showing any changes as well as a letter explaining why or why not the changes you rested were made or not made. If you disagree with the outcome of your request, you’ll have to file a Notice of Objection to try and correct any mistakes that the CRA refused to adjust.

Chartered Professional Accountant in Canada, U.S. and U.K.

Case Study

A new client of ours had a net worth assessment performed on them and had received a net worth audit. The financial impact of the net worth audit was significant and would have a major impact on his life.

Our firm was selected to help him address these issues with the CRA.

Our firm performed an intensive review of the net worth audit from the CRA. It was discovered that the auditor had made many mistakes. Sam Faris met with the auditor, team leader and director from the CRA.

Based on the findings of our firm, the auditor adjusted the net worth audit to reflect our analysis and calculations.

“My life was collapsing. Involving Sam was the best decision I made. He is a life Saver. 10 stars.”

Testimonial

Sam Faris reduced the significant unreported income based on net worth audit to be nil. Sam’s approach in fighting these types of complex audits is unique and sophisticated. He found countless mistakes made by the auditor which were rectified when Sam appealed the audit decision. Instead of owing significant amount of taxes, Sam reduced it to zero. I highly recommend to hire Sam for this type of audits and any CRA problem.”

E.M., Ottawa

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Pro Tip

ACCESSING THE SMALL BUSINESS DEDUCTION IN YOUR BUSINESS

The Small Business Deduction gives businesses a tax deduction on the first $500,000 of income. This saves an eligible corporation around up to $50,000 in income taxes. There are a number of conditions that have to be met to be eligible for this deduction.

Testimonials

Excellent

Faris CPA | Toronto Tax Accountant

Based on 351 reviews

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This is an announcement from Aaron Baer, legal counsel to Faris CPA.

I have been working with Faris CPA for more than 10 years.

Faris CPA is being attacked by Kenneth John Weakley (Oct 1969).

I am posting this review because Kenneth John Weakley has been deleting his reviews and has been reposting them, so that Faris CPA's responses don't always show up.

Faris CPA's position is as follows:

Faris CPA is a well-regarded firm that is compliant with CPA Ontario obligations and has a good track record.

Under no circumstances will Faris CPA be paying Kenneth John Weakley any amount.

Kenneth John Weakley's claims do not have any merit.

Response from the owner:Thank you Aaron for your help with this matter. Please see below my entire response to Kenneth John Weakley fake reviews: “Attention all readers: Kenneth John Weakley DOB October 20, 1969 Address: Address: 821A Fulham Road, London, U.K. SW6 5HG ( Title: NGL449634) Faris CPA and 3 other reputable lawyers in the GTA are being aggressively attacked with fake Google reviews posted by Kenneth John Weakley (DOB October 20, 1969). Unfortunately, his repeated blackmailing and extortion attempts in the past few months have failed and he is still hoping to be successful by keep posting those false and fake reviews. Please note all personal information mentioned in our response is available online, publicly available and anyone can access it and none of the information was obtained while doing business with Kenneth John Weakley. Feel free to Google his name and see the below link to confirm. As such, there is no breaching confidentiality issue whatsoever. https://find-and-update.company-information.service.gov.uk/officers/EfbNEs5kNSRQeb9uq8kdZL0LGm8/appointments Based on the above link you will see the following information: This is a fake review posted by Kenneth John Weakley (DOB: October, 20 1969). Address: 821A Fulham Road, London, U.K. SW6 5HG

Assadolah Aalam

Had a very good experience with Sam and his team. They dealt with my CRA audit in the most efficient way possible. I admire their professionalism and expertise in providing answers to the CRA and providing a perfectly reconciled package which was a key to resolve the tax issue. If you look for a tax consultant firm, hire Farid CPA. 10 stars

Response from the owner:Thank you for the five stars and the positive review.

Interline North

I was referred to Sam Faris by a family member who highly recommended him to deal with my CRA audit matter which has been ongoing for almost 2 years. Considering that this was a sensitive issue, I needed to make sure that Sam would be the right fit to handle my case. I requested an in-person meeting. I met with Sam for more than 2 hours. He went through CRA proposal letter and immediately identified the weaknesses in CRA’s calculations. He immediately advised on the best approach to dispute this proposal and provided a time line when he will submit the counter analysis. I was impressed with his confidence and his expertise and decided to retain his services. He worked on my file around the clock to ensure meeting the deadline. At the end, Sam was able to reduce the tax bill and I was able to pay it with no hesitation. While Sam was working on the file, he was in a full control with the situation by communicating with the auditor on timely and professional manners. I never felt that I was left in the dark as Sam was always providing me with an update. I do recommend to hire Sam for any dispute with the CRA. Thanks

Response from the owner:Thank you for your positive reviews and kind words.

Had a consultation with Sam about a tax situation and very glad I got professional advice on how to proceed.

Response from the owner:Many thanks for taking the time writing this amazing review.

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