Question

Taxes owing on CRA higher than what Turbotax shows

Forum|Forum|2 years ago
March 27, 2024
1 reply
0 views

I have a very basic tax return. I have interest income and dividend income.

The CRA is showing I owe about $2,000 more than what Turbotax calculated.

The express NOA says "Because of a calculation error, we changed your federal tax payable to $4,888.60. As a result, your total payable has changed."

What calculation error?

TurboTax Online Premier

G

GHarpe

Since your return has already been accepted by the Canada Revenue Agency (CRA), when you receive your Notice of Assessment (NOA) (not the express) you will be able to ask the CRA or view your NOA to know what calculation was corrected. You can contact the CRA at 1-800-959-8281 once you receive your NOA to clarify if it was in fact a calculation error.

Thank you for choosing TurboTax.

C

chadamis100Author

My NOA has been received and the information provided still says it was a calculation error. It doesn't go in to any detail. As mentioned, my taxes are very basic. Now there is a 3 hour wait to get in touch with a CRA agent. What could possibly have caused such a large calculation error between turbotax's information and the CRA?

G

GHarpe

And to confirm, under your accurate calculations guarantee, you only cover penalties and interests associated with the miscalculation and not the difference in the amounts owing?

Yes, you are correct, if found to be an error on our part. The amount owing would still have been owed even without a miscalculation. We pay the interest or penalties if a miscalculation was on our part, because it may have been due and paid on your part at an earlier time if you would have known earlier. This can only be investigated and resolved by applying for the guarantee.

Thank you for choosing TurboTax.