PGP Income - Revised Income tax return accepted?

[softwaretesting]

Hello,

In my 2018 ITR, I missed to report rental income I received in my home country. My income was couple of thousand less than Income limit for sponsoring one of my parent. I am now planning to file revised return to include rental income as well which will take my income above the limit. I am easily meeting income limit for 2019 & 2020.

Will filing revised return negatively impact my application?

Thank you in advance.

 

[canuck78]

Hello,

In my 2018 ITR, I missed to report rental income I received in my home country. My income was couple of thousand less than Income limit for sponsoring one of my parent. I am now planning to file revised return to include rental income as well which will take my income above the limit. I am easily meeting income limit for 2019 & 2020.

Will filing revised return negatively impact my application?

Thank you in advance.

Assume you reported similar rental income in the years before and after 2018? Expect that you suddenly discovering missed income all of a sudden may trigger evaluation of all your other years.

 

[Copingwithlife]

No, but btw there’s no “ missing “ income when you file your income return . In layman’s terms it’s called income tax evasion, and you will be subject to interest , any additional tax owed and possible review of your past returns . And interesting to note , that when it’s required to have a certain amount of income , individuals suddenly remember income that should of been declared . How ever I’m positive you were going to adjust your past returns and declare this income REGARDLESS if you were going to attempt to sponsor your parent or not, correct ?
You might want to review your records too see if any other income was “ forgot “ and or “ missed “.

 

[softwaretesting]

No, but btw there’s no “ missing “ income when you file your income return . In layman’s terms it’s called income tax evasion, and you will be subject to interest , any additional tax owed and possible review of your past returns . And interesting to note , that when it’s required to have a certain amount of income , individuals suddenly remember income that should of been declared . How ever I’m positive you were going to adjust your past returns and declare this income REGARDLESS if you were going to attempt to sponsor your parent or not, correct ?
You might want to review your records too see if any other income was “ forgot “ and or “ missed “.

Thanks, I had noticed at that time after filing & paid extra income tax also to cover missed amount. Just that I could not file revised return as I moved to another city & then again to another city. I had paid thousands of dollars in corporation tax that year & had no intention to evade few hundred dollars in personal income tax. But yes, technically you are right.

 

[scylla]

Thanks, I had noticed at that time after filing & paid extra income tax also to cover missed amount. Just that I could not file revised return as I moved to another city & then again to another city. I had paid thousands of dollars in corporation tax that year & had no intention to evade few hundred dollars in personal income tax. But yes, technically you are right.

Yes, you can refile taxes and it will be accepted.

Make sure you show the rental income in subsequent returns. Unless of course you've disposed of (sold) the property in which case you should list the disposition in your tax return.

No issues.

 

[Copingwithlife]

Thanks, I had noticed at that time after filing & paid extra income tax also to cover missed amount. Just that I could not file revised return as I moved to another city & then again to another city. I had paid thousands of dollars in corporation tax that year & had no intention to evade few hundred dollars in personal income tax. But yes, technically you are right.

You can file an adjustment regardless of the cities you moved too. Moving too multiple cities is irrelevant to the process .
If your return was reviewed and you had that was the reason you didn’t file an adjustment, it would be refused
Paying taxes on your corporation is again irrelevant. That’s a separate legal entity from you as a individual, and that’s why individuals typically incorporate because the tax rate is lower versus the personal income tax rate
T1= Individual Income Tax( T2125)
T2= Corporation Income Tax