What to Do If You Receive Tax Slips After Filing Your Return
It happens more often than you might think: you’ve filed your personal tax return, breathed a sigh of relief… and then a new tax slip arrives in the mail or pops into your CRA My Account inbox. What to Do If You Receive Tax Slips After Filing Your Return?
Whether it’s a T3, T5, or another information slip, it’s important to know what to do next. Ignoring the slip—or assuming the CRA won’t notice—can be a costly mistake.
Don’t Panic—But Don’t Wait
If you receive a slip that shows additional income not reported on your original return, contact your accountant right away. We can file an adjustment to include the newly reported income and keep you compliant with CRA requirements.
Why It Matters
Failing to report all of your income—even unintentionally—can lead to significant penalties. The CRA may charge you a 20% penalty on the unreported amount if this isn’t the first time income was left out. Even if the missed amount doesn’t result in additional tax owing, the penalty can still apply.
This “repeated failure to report income” penalty is triggered if you’ve failed to report income more than once in a four-year period. One small oversight today can snowball into a larger issue later if it happens again.
How to Minimize the Impact
The best way to protect yourself is to act quickly. As soon as you receive any new tax slips:
- Review the slip for accuracy.
- Contact us and if required we will prepare and submit a T1 Adjustment Request.
- Keep all supporting documents on file.
Final Thoughts
If you’ve already filed and something new shows up, don’t worry—just let us know, and we’ll help correct it as soon as possible to minimize any potential penalties and interest. We know what to do if you receive tax slips after filing your return.
Need to file an adjustment? Reach out today—we’re here to help.