I made a mistake today and omitted a line number on a T4A slip. I had to amend the return but it won’t allow the pension splitting to be corrected. Any work arounds?
I ran into that in previous years. You can always override the calculations. Had a client who wanted to split 50% of only one pension, even though the optimized calculation was better. There were no repercussions. There must be a reason it doesn’t recalculate when doing an adjustment after filing.
I understand you can over ride pension splitting by entering a different value, but after the return has been filed in tax cycle it won’t calculate the new value for pension splitting or nor it allow you to manual change it.
Tim Boufford
timboufford@cogeco.ca
Yes, it is difficult to change pension split after it has been filed.
The reason is 2 taxpayers must agree to the form and you are only able to amend 1 taxpayer at a time.
The system has not yet given us a way to this change electronically.
In the past, I have MAILED a cover letter, a revised form signed by both parties and T1 adjustments for each while noting that the split changed due to a late form. It took a long time but it was accepted.
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This is the way I’ve handled this as well, exactly as @rachelavryl stated. CRA has always made the adjustments.