Notice of Reassessment for 2010

[Yumeji]

Today I received a Notice of Reassessment regarding the year 2010 indicating that they have adjusted my return to update the taxable amount of dividends other than eligible dividends as indicated on the information slip provided by my employer (T5 $12,750). However, according to the T5 slip I received the amount was $2,125. When comparing amounts to my MS Money file, it seems the net amount of dividends I received ($1,700) from that employer matches the actual amount of dividends indicated on my original T5 slip ($1,700). So I don't know where this extra $10,625 is coming from.

Due to the reassessment, my total income is now $10,000 higher than it was and I am told I have a balance, plus interest, due by the 23rd of February. I already e-mailed the employer requesting them to advise which amount is accurate.

What are my options at this point? I'm not sure what is going on. Who is at fault here?

[hvc]

I probably wouldn't delay, but I would definitely go and see an accountant sooner rather than later. I believe it depends on your situation.

$1,700 grossed up is $2,125 ($1,700 grossed up by 25%) x 2 would be $4,250 in T5 income, assuming that is correct.

If you're tackling this yourself, I would contact the CRA in regards to your NOA, and find out the breakdown of the $12,750. They will tell you who issued the slips, etc., and you can tackle it from there.

[dealsite01]

I probably wouldn't delay, but I would definitely go and see an accountant sooner rather than later. I believe it depends on your situation.

$1,700 grossed up is $2,125 ($1,700 grossed up by 25%) x 2 would be $4,250 in T5 income, assuming that is correct.

If you're tackling this yourself, I would contact the CRA in regards to your NOA, and find out the breakdown of the $12,750. They will tell you who issued the slips, etc., and you can tackle it from there.

Yes, first thing would be to contact them and find out how they had the breakdown.

You'll have to file an objection if you think the CRA made a mistake. I think If there's a chance you're wrong, it may be better to file the objection but also pay the amount owing as interest will continue to accrue for each completed month. If they find that they made a mistake, they'll refund the money to you with interest.

In either case, act quick because you have to file an objection by the later of 90 days after the date of the notice of reassessment or one-year after the tax filing deadline of the tax year in question.

More information below, there's even a template to follow:

http://blog.taxresource.ca/disputing...-reassessment/
http://www.cra-arc.gc.ca/E/pub/tg/p148/p148-11e.pdf

[adeel]

seems to me that the institution that issued your T5 filed an amended version with the CRA, or another institution (or possibly/likely your own small business if you run one) issued another t5.

Start there, figure out why your T5 was changed (or who issued the new one - the CRA can issue you copy of your slips). If they have not changed it, then call them up and tell them they made a mistake.

[Yumeji]

So as it turns out, there were two different T5 slips with different names filed under my SIN. One of the T5 slips contained my name and the other belonged to another. The rep over the phone advised me that the only way to rectify the issue is for the employer to request the wrong entry be deleted from the CRA database and to submit revised copies to them. Only then, when they confirm the wrong entry has been deleted from my account, can I begin the process of appeal.

So I e-mailed the employer explaining all of this on Monday; however, it's now Friday and I still haven't received any response. I already paid the balance owing anticipating that none of this would be resolved in time (February 23rd). If I continue to not hear from the employer--and the CRA rep advised that only the employer can resolve all of this--what are the next steps I should take?

[wayne74]

So as it turns out, there were two different T5 slips with different names filed under my SIN. One of the T5 slips contained my name and the other belonged to another. The rep over the phone advised me that the only way to rectify the issue is for the employer to request the wrong entry be deleted from the CRA database and to submit revised copies to them. Only then, when they confirm the wrong entry has been deleted from my account, can I begin the process of appeal.

So I e-mailed the employer explaining all of this on Monday; however, it's now Friday and I still haven't received any response. I already paid the balance owing anticipating that none of this would be resolved in time (February 23rd). If I continue to not hear from the employer--and the CRA rep advised that only the employer can resolve all of this--what are the next steps I should take?

Good to see you figured it out. Make sure when they pay you back, that they also add interest, just as they would charge you.

[adeel]

So as it turns out, there were two different T5 slips with different names filed under my SIN. One of the T5 slips contained my name and the other belonged to another. The rep over the phone advised me that the only way to rectify the issue is for the employer to request the wrong entry be deleted from the CRA database and to submit revised copies to them. Only then, when they confirm the wrong entry has been deleted from my account, can I begin the process of appeal.

So I e-mailed the employer explaining all of this on Monday; however, it's now Friday and I still haven't received any response. I already paid the balance owing anticipating that none of this would be resolved in time (February 23rd). If I continue to not hear from the employer--and the CRA rep advised that only the employer can resolve all of this--what are the next steps I should take?

More than likely you wont be able to resolve this over email...i cant recall if yous aid you still work for this employer, but you are going to need to make a number of clls and start twisting some arms to get this done in a timely manner...this is the kind of admin stuff that takes forever to get done