On my TT tax return, I inadvertently omitted to enter my RIF income. I had paid for the level of service that allows me to speak with an advisor, when the form was complete. When we did speak, he reviewed my completed form, saying nothing about omissions (and I'm not blaming him). Everything else appeared to be in order.
I submitted my tax return to CRA, and was even issued a refund payment. It was at that point, that I realised I had omitted my RIF income. I then arranged another 'real person' conversation with a different, and excellent advisor.
One of the first questions she asked me was 'did you receive income from a RIF' - to which I answered 'yes'. My answer gave immediate direction to correcting my error. The correction was made, my tax return was re-submitted, and it no longer keeps me awake at night.
My key feedback is this: Every in-person advisor (and even on the front page of the tax return form) should ask a series of simple questions, the answers to which, will reveal all areas of financial activity, that need to be included in the annual return. This way, nothing will be missed.
For example:
Q) Are you receiving a pension?
Q) Are you employed?
Q) Did you sell anything for profit last year?
Q) Did you receive money from anywhere else last year?
Q) etc. etc. etc.
I can't be the only person who omitted important information that could have been spotted with this simple Q&A.
I consider myself very fortunate to have been allocated a TT tax expert with an abundance of common sense. In this situation, common sense can be learnt, simply by replicating her Q&A approach to helping clients.
I urge the entire TT organisation to adopt a simple Q&A strategy to help clients provide all relevant info to the tax authorities.
It's 100% win/win.
Could the administrator for this page, please forward this message to the people handling TT Feedback?
Thank you 👍
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