Here's What Happens If You Mess Up Your Taxes In Canada According To An Expert

Things could get costly!👇💰
Trending Editor
What Happens If I Mess Up My Taxes In Canada? This Expert Says It Will All Probably Be Ok

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.

Editor's Choice: Here's Some Pro Financial Advice If You Totally Abused Your Credit Card Last Year

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 CRA has admitted that it's preparing for a tax time “like no other," and has made moves to ramp up services ahead of April.

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.

More from Narcity

Comments 💬

Our comment section is a place to promote self-expression, freedom of speech and positivity. We encourage discussion and debate, but our pages must remain a safe space where everyone feels comfortable and the environment is respectful.

In order to make this possible, we monitor comments to keep spam, hate speech, violence, and vulgarity off our pages. Comments are moderated according to our Community Guidelines.

Please note that Narcity Media does not endorse the opinions expressed in the comment section of an article. Narcity Media has the right to remove comments, ban or suspend any user without notice, or close a story’s comment section at any time.

First and last names will appear with each comment and the use of pseudonyms is prohibited. By commenting, you acknowledge that Narcity Media has the right to use & distribute your content across our properties.

Loading...