The joy of the biz…writing down hours. Happens regularly. You just have to find out how to build it into your pricing so that all clients share a small portion of it, because sooner or later…it will happen on THEIR file, too.
@kevin
I didn’t realize the statute was that specific. I thought that if you adjust anything on a statute-barred year, it makes everything else fair game?
The Fairness program doesn’t change the normal reassessment period. I believe that’s also one reason why you’re not allowed to appeal these adjustments done for years beyond three years.
Question about retroactively applying the DTC. I went back through RAC and used change my return to apply the Federal and Provincial DTC for the husband but I noticed that most years, he couldn’t use it all. Is it possible to retroactively transfer the unused amounts to spouse or is this only available in current year?
FWIW, I had two clients reassessed simultaneously for DTCs - both members of the couple were disabled, one for 10 years and ongoing, and one for 2 years during that. In my cover note with the documentation, I asked that credits be applied in the best manner applicable and CRA (surprisingly) complied, transferring as needed in the two overlapping years, which were the only ones affected.
Yes you can do the transfer retroactively as well.
Regards
Jim
How would the mechanics of this work? I have already gone in and entered the full Federal and Provincial amounts in the husband’s returns for the past 5 years. Do I have to go back and manually reverse out the portion he didn’t use and then apply the left overs to the spouse in her account?
Yes, it seems like both returns would have to be adjusted.
Regards
Jim