Common Tax Questions Series 3 – Tax Slips

by Guest on October 31, 2011

Tax slips can be confusing and sometimes it’s hard to know what to do with all of them.  Check out the following commonly asked tax questions to find out more.

I found a few tax slips that I did not include on my previous tax returns. How should I deal with them?

You are able to file adjustment to previous tax years to include your newly found slips. The form is a T1-Adjustment (http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html), and you need to include a copy of the slips you missed when you initially filed your return. You can only mail an adjustment to the Canada Revenue Agency so the processing will take longer. As a general rule of thumb, you can usually expect the Notice of Reassessment within six to eight weeks.

How do I replace lost T4 slips?

All of your employers would have been required to send copies of your T4s to Canada Revenue Agency.  You can contact CRA and request copies at 1-800-959-8281.

I am currently renting an apartment.  Do I need to have all of my 2011 rent receipts or can I just write down the total I spent on rent for the year?

If you live in a province that offers a rent credit, you will need a rent receipt detailing the amount paid, the length of the rental, your address and your landlord’s signature. It does not have to be complicated. As long as the information is included, any piece of paper can qualify as a rent receipt.

 

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