Accidentally failed to report $3k in income

[dlander]

I filed my tax return by mail 2 weeks ago.

Today I received in the mail a T3 statement. This is a Statement of Trust Income. And of course it refers to some income trusts that I own.

This T3 identifies $3k of taxable distributions that I received. Problem is that when I filed the return 2 weeks ago I did not have thisn form and did not include this income on my return.

I do not mind paying tax on the $3k and I know that CCRA receives a copy of the T3.

Problem is I am not sure how to handle this. Do I wait for CCRA to notice the undeclared income and pay up at that time? Or I phone CCRA and ask if I can modify a return that I mailed in 2 weeks ago?

Would appreciate any info from the RFD community as I do not have a professional accountant.

[HighFlyer]

Fill in a T1-ADJ. I would submit it before Apr 30, particularly if it results in a balance owing.

[D-Sisive]

http://www.cra-arc.gc.ca/E/pbg/tf/t1-adj/README.html

[cil254]

You can correct this online too, it's very easy.

[RastaManMax]

Fill in a T1-ADJ. I would submit it before Apr 30, particularly if it results in a balance owing.

Bingo. If not and you're reassessed, you'll get dinged with interest. Speaking of which, i'm going to be cranking out personal tax returns for the next month at my job :( . Right after i'm done doing all these trusts :( :(

[Jaws]

You can correct this online too, it's very easy.

Yup, you can do it online very easily. Go to the Canada Revenue Agency website (http://www.cra-arc.gc.ca/menu-e.html) and sign up for a government of Canada e-pass. Then you can log into "My Account" and change the relevant lines of your tax return assuming that your original return has already been assessed.