TaxCycle | Products | Pricing | Training | Documentation | Support | News

Revise 2008 tax return

I understand that the year 2008 past a 10-year timeline to revise. A new client owes CRA, as T5008 slips were filed by the tax-Preparer without taking into account the cost of investment. The previous tax-Preparer kept assuring the client in revising until the client bank account was seized.
will CRA allows to revise 2008 return as a special case?

CRA will likely not adjust the 2008 tax return because it is outside the 10 year window. I had a new client whose 2008 & 2009 returns had been arbitrarily assessed, and obviously incorrectly. We filed the “real” returns in 2019. CRA reassessed the 2009 T1 but would not reassess the 2008 T1. If a balance is still outstanding on the 2008 tax return, CRA will also not adjust the balance. The most they may do is make it non-interest bearing.

1 Like