BMO amended T3 without notification!**

goldenball wrote: ↑ lucky I went online and check. BMO has amended its T3. I have already submitted all forms to my accountant! anybody got these? What went wrong?

I don't have any holdings with BMO which would generate a T3 for me but comparing your old and revised T3, what is the difference between the old and revised T3?

lmcjipo wrote: ↑ I don't have any holdings with BMO which would generate a T3 for me but comparing your old and revised T3, what is the difference between the old and revised T3?

dividends not filled out correctly as a whole before amendment

goldenball wrote: ↑ lucky I went online and check. BMO has amended its T3. I have already submitted all forms to my accountant! anybody got these? What went wrong?

On mine they only calculated it on one of my ETF's instead of them all. I'm not confident they have all of my ETF's yet - I believe they still have one to go. They do have until the end of the month but they should add a note with explanation. I know it says it's an amendment, but I don't believe it is, as the new one doesn't have what was contained on the first. I'm waiting until March 31, and will also be seeing what they reported in myCRA as far as numbers go.

The first they hard copied to me about a week ago, and then the second arrived by post yesterday.

I do my taxes the last week of April. Maybe in future go to your accountant around the middle of April?

It happens with T3's quite a bit in my experience, I have had Questrade amend them till the end of April so now I just wait till end of April or I keep all my stocks with that type of income in a TFSA or RRSP so it doesn't impact me during tax time.

What happens if you file taxes but receive more or modified T3's later? Do they cause a big problem or is it simply that CRA has slightly different tax refund/tax owing info?

luking wrote: ↑ What happens if you file taxes but receive more or modified T3's later? Do they cause a big problem or is it simply that CRA has slightly different tax refund/tax owing info?

CRA does a notice of assessment and you pay what they say. If updated T3 or other docs are received to the CRA, they can reassess you and ask for additional payment or refund you if you overpaid.

hightech wrote: ↑ CRA does a notice of assessment and you pay what they say. If updated T3 or other docs are received to the CRA, they can reassess you and ask for additional payment or refund you if you overpaid.

Cool, I don't mind them doing the math.
Thanks for the clarification

luking wrote: ↑ Cool, I don't mind them doing the math.
Thanks for the clarification

If CRA does the math and you owe more, they can charge interest. It's better for the taxpayer to be proactive in such cases.