Should the return be changed to reflect an assessment?

[frank16]

I have received an assessment which shows changes in Federal and Provincial dividend tax credits.The end result is no change in tax owing. Should I alter the 2014 Turbo Tax file?

[frank16]

I think the dividend tax credits are derived by turbo tax how do I change those numbers?

[Sally71]

It is giving you a dividend tax credit because of the slips you have entered.  Do you either a T5 or T3 slip for investment showing dividend income.  Please see boxes 24, 25 and 26 on the T5 if applicable.  This is how the slip looks like http://www.cra-arc.gc.ca/E/pbg/tf/t5/t5-14b.pdf
Make sure you have entered the slips correctly.  A mistake can happen to anybody.

[rhino2]

I update my desktop files to reflect any changes in the assessment, but that does not seem quite as simple (if even possible) in Online versions. In any case, the changes you mentioned do not affect any carry-forwards to next year, so while updating the file might be preferable when possible, it is not essential - make sure both your PDF copy of the return as filed as well as your notice of assessment are stored securely.

[frank16]

I have 1 small amount on a T5 but the rest of our income is on T3s. I just double-checked and the entries are correct. So as I asked first and again below should I adjust the return somehow to reflect the assessment and if so how?

[rhino2]

The short answer is that without knowing exactly why the CRA changed the dividend tax credits, there is no easy (if any) way to change the amounts in TurboTax Online to correspond with the notice of assessment. Again, since there are no carry-forward items involved and your TT Online file is going to disappear after next year anyways, just make sure you have your PDF copy and your notice of assessment accessible to you in the future.

[frank16]

Thank you all. I think I know where I'm at. This question can be closed but I don't see where to do that.

[rhino2 · Accepted solution]

Because you can be re-assessed for up to 7 years after the initial assessment, it is a good idea to update your tax file to reflect the changes and print or save an updated pdf copy (for TT Online). This way, what you have for your records will match what the CRA has on file. (Be sure that you have a pdf copy, as your return will disappear from TT Online after next year.)

Update:

As it turns out, unless the discrepancy is the result of an error in data entry, you can't really update TT Online tax files to conform to the assessment, particularly if the difference stems from a discrepancy between the CRA's calculation and an amount calculated by TurboTax. The CRA's numbers do prevail (unless you contest them) in any case, so just keep in mind that your notice of assessment overrules your saved PDF copy for any future reference.

[frank16]

How can I change my return? The dividend tax credits are calculated by Turbo Tax. I'd have to change the original data, to what? I'm sure the numbers putt in were correct, I got my assessment back OK. This was my wife's assessment and her income as far as investments are identical to mine, the money comes from a trust and is split between us.

I will go over it again in case I did a typo.

[Sally71]

No you don't need to do any changes to your tax return, unless you want to add some tax deductible receipts that would reduce your tax payable.