Hello everyone,
I have a somewhat complicated question about amending previously claimed tax credits.
If someone claimed a tax credit in a prior year (less than 10 years ago), received the tax refund based on that credit, and now wishes to amend the filed return to remove the credit and carry it forward for use in future years, is this possible?
Since I’ve already received a refund for those credits, removing them would mean I owe the CRA the amount I previously received. My questions are:
- Would I need to pay a penalty for the time since I originally claimed the credits?
- Or would I only owe the amount starting from the time the return is amended?
Additionally, could someone explain how this works specifically for:
- Tuition Fee Credits, and
- RRSP Contribution Credits?
Thank you very much for your help and insights!
