If you've ever found yourself wondering, “what happens if I mess up my taxes?" you're not the only one! Thankfully, we've got answers.
Gerry Vittoratos, a national tax specialist at UFile, chatted with Narcity to explain what could happen if you get something wrong during tax time, and it's the reassurance we needed ahead of April.
When Vittoratos was asked what kind of trouble Canadians could get in for making a mess of their taxes, he explained the government is “not as harsh as one would think."
“If it's an honest mistake, for example a miscalculation or misunderstanding of the rules pertaining certain claims, the government simply reassesses your tax return and sends you the bill for the difference," he said.
He added that the Canada Revenue Agency (CRA) will rarely resort to criminal charges in these kinds of situations unless they can prove conclusively that someone intentionally filed their taxes incorrectly or inaccurately.
While it's unlikely you'll end up in prison for getting mixed up, Vittoratos warned that you may have to cough up some cash if you do make errors come tax time.
“If you were overpaid by the CRA due to these mistakes, you will be charged interest retroactively," the tax specialist explained.
“So, it can become costly depending on the time frame."
The federal agency has also shared a list of common mistakes Canadians make at tax time, in an attempt to help people get ready for the new tax season.