Hi, my client is applying for a mortgage in 2026 and realised his T4 income which he withdrew from his ccpc is not sufficient for 2025. Is there a way we can amend the T4 issued for 2025 to add more income/bonus even though there were no withholding done in 2025 for this additional amount. T5 is not a feasible option as the mortgage company does not consider that for eligibility.
Been there done that but what’s done is done.
So, they need to amend/adjust/refile the T1, T2, & T4, all without a business reason. Nice batch of penalties. Woulda, shoulda, coulda.
Just T4. T2 and T1 not filed yet for 2025
”Hi, my client is applying for a mortgage in 2026 and realised his T4 income which he withdrew from his ccpc is not sufficient for 2025. Is there a way we can amend the T4 issued for 2025 to add more income/bonus even though there were no withholding done in 2025 for this additional amount. T5 is not a feasible option as the mortgage company does not consider that for eligibility.”
I’m not sure I understand you correctly?
You say that originally a correct T4 was based correctly on the actual books of the company, and that T4 was prepared and filed. But now you say that you wish to aid your client in adding a fictitious amount to a T4 instead and reprint it for the sole purpose of enabling your client to defraud the mortgage lender by providing them with a falsified inflated income figure on a T4, for them to lend money to your client that they otherwise would not lend, and you wish to know how an amendment can be done to produce the falsified T4 using Taxcycle?
If so, I don’t think that Taxcycle was specifically designed for such a scenario, and I would say that would not be recommended. Or do you mean something else?
I would never risk my license for someone for this.
How much are you going get for this? $500? $1,000, or $10,000?
Did I ever say it’s falsified or are you day dreaming?
All I said is that is it possible to issue more salary (real withdrawal) after you issue a T4. I meant to issue a revised T4 with actual amount paid and not falsified. I never said falsified dude..just relax if you can’t help anyone don’t respond? No need to act smart and just focus on your practice.
lol, it’s March, you intend to say your client forgot to pay salary for 2025? nice try.
You’re talking about retroactively declaring salary. In order for it to be on a 2025 T4, it must have been paid in 2025. And payroll deductions are not optional, even if it is the owner-manager, so there should be failure to remit penalties. The situation you describe does not involve amounts paid in 2025, so they should not be on a 2025 T4.
On top of that, you know that the purpose of this is to manipulate income for the bank. This is, at a minimum, unprofessional. And if you’re a professional it’s likely contrary to your code of conduct.