How to change a past tax return – MoneySense

According to the Canada Revenue Agency (CRA), two types of fees are eligible to deduct:

1. “fees to manage or take care of your investments,”
2. and “fees, other than commissions, paid for advice on buying or selling a specific share or security by the taxpayer or for the administration or the management of the shares or securities of the taxpayer.”

So, the second one would generally include a management fee paid as a percentage of your investment account, but not commissions or mutual fund management expense ratios (MERs).

In addition, the fees must be paid to a person or a company whose “principal business is advising others whether to buy or sell specific shares or whose principal business includes the administration or management of shares or securities,” according to the CRA.

Can you claim a past expense on your current year’s tax return?

You generally cannot claim a receipt from a previous year on a current tax filing, Ian—at least not directly. It should be claimed for the year in which it was incurred.

There are some deductions and/or credits that can be carried forward after reporting them in the correct year to claim in a future year, like donations or capital losses, but these claims should still be reported for the year they arise.

How to amend a previous tax return

There are three ways you can adjust a previous tax return you filed.

1. Submit a T1-ADJ, T1 Adjustment Request to the CRA. This can be done using commercial tax software, or by mailing the form and supporting documents to the CRA tax centre that serves your area.
2. Send a letter signed by you to your tax centre requesting the adjustment.
3. Log into My Account, the CRA’s secure online service, and use the “change my return” option.

How many years back can you go to change your tax return?

The CRA will generally accept an adjustment request for any of the previous 10 calendar years, Ian. For example, in 2024, you can request adjustments to your tax returns as far back as 2014.

The CRA may accept an adjustment to an earlier tax return, but you must submit the request in writing. (Read: Can you file multiple years of income taxes together in Canada?)