T2 and NTR balance sheet don't match due to some reclassification. Do I need to refile?

T2 was filed on June 30(deadline) but had to change some assets and liabilities classification on NTR (Shareholder to/from was previously netted out). As a result , NTR balance sheet does not match GIFI. Absolutely no change to Income statement. Can I leave the T2 as is since the numbers were only reclassified on B/S and totals changed as a result, but no new entries were made.

Answer

Was the T2 netfiled or mailed.  Presumably, if it netfiled, it balanced, at least.  You should have a Notice of Assessment that tells you what adjustments were made.

You can file an adjustment, but it isn't really a good idea to treat a corporation filing like personal tax.  Since it is a Notice to Reader, which means that reasonable accuracy is expected, it isn't as crucial as an assurance file.

I would suggest that you leave it as it is, if it has been accepted without adjustments, and make your adjustments in the current fiscal year to correct the problem.  DO NOT go back to the year that is complete and filed, and make any changes.  Your retained earnings will not match up and the situation will get worse.

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