- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Hi there, my RIT from the CRA was about half of what was estimated in turbotax, what do I do here?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
While it can be frustrating, it’s common for the Canada Revenue Agency (CRA) to make a tax return assessment that is different from yours.
The reasons for these discrepancies may vary, and can range from very simple (typo or data entry error, forgotten slip, receipt, amount, etc) to complex (carry-forward amounts not included, accounting errors, etc).
In most cases, the CRA will explain how they calculated your tax refund or balance owing, and you can find this information on your Notice of Assessment (NOA), under the heading Explanation of changes and other important information. Compare the line numbers on your NOA and their corresponding values with those entered into TurboTax.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors and rental owners
Okay, that makes sense. If a discrepancy is found then, would I be contacting the CRA to fix the error? I’m not really sure who to follow up with, whether it’s an issue on the CRA’s end or TurboTax.