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How do I handle a reassessment in Profile?

My client didnt provide me with the T4A for RESPs and was reassessed.  How to I correct the return to match CRA's new amounts?

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Best answer June 02, 2020

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ProFile Team

How do I handle a reassessment in Profile?

Hi, thank you for using Intuit ProFile Community

I would try and recreate the notice of reassessment. Get a copy of the T4A not provided to you and enter the information. So, treat the T4A as if you were creating an adjustment for the client. You can then compare your result to the notice of reassessment. You can update the file or save as to create a copy with the updated information.

So treat this like a client brought the T4A to you:

https://profile-en.community.intuit.ca/articles/1855593-completing-a-t1-adjustment

If your result matches the CRA results then no further action is required.

You may want to inform your client about repeated failure to report penalties:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/intere...

And CRA data import may be useful in the future.

Hope this helps

View solution in original post

3 Comments 3
Highlighted
ProFile Team

How do I handle a reassessment in Profile?

Hi, thank you for using Intuit ProFile Community

I would try and recreate the notice of reassessment. Get a copy of the T4A not provided to you and enter the information. So, treat the T4A as if you were creating an adjustment for the client. You can then compare your result to the notice of reassessment. You can update the file or save as to create a copy with the updated information.

So treat this like a client brought the T4A to you:

https://profile-en.community.intuit.ca/articles/1855593-completing-a-t1-adjustment

If your result matches the CRA results then no further action is required.

You may want to inform your client about repeated failure to report penalties:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/intere...

And CRA data import may be useful in the future.

Hope this helps

View solution in original post

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Level 1

How do I handle a reassessment in Profile?

thank you Duncan, appreciate the great help with this
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Level 1

How do I handle a reassessment in Profile?

1. Did you do the return? If so go to #2 there's no need to recreate the return to match it.

 

2. If you want to see the difference it actually makes then amend the return and add the T4A. 

On the summary page you will see the changes greyed in and on the adjustment page you will see the before and after the adjustment , this way you can see the actual difference much better then on the NOA.