No one likes to pay more tax than they actually owe. Maureen Dos Reis, H&R Block franchise owner in Princeton, B.C., is a big proponent of reviewing past returns to make sure there are no dollars left behind. Her office alone has found more than $105,000 in tax refunds.
Some of the errors the office has found include:
- A miscalculation of capital gains and losses over several years that resulted in one client receiving more than $62,000.
- The Disability Tax Credit is one of the most commonly overlooked credits across Canada. The Princeton office has found nearly $50,000 in unclaimed disability tax credits for clients.
- A small business client missed its TL2 Forms, which allow long-haul truckers to claim meals and lodgings. Filing the correct paperwork resulted in nearly $7,500 in refunds.
A free Second Look means a tax professional will review your current or prior tax returns prepared elsewhere to ensure you claimed all the available deductions and credits. Taxpayers are allowed to file adjustment to returns that are up to 10 years old to claim any missed credits.