The Canada Revenue Agency (CRA) recently learned that there was an minor error in the calculation of the Nunavut cost of living supplement for single parents. The base amount at line 10 should be $60,000 rather than $75,000. This amount has been corrected on Form NU479, Nunavut Credits and is currently available on the CRA's website.
To remedy this situation, the CRA will correct previously filed returns and will issue a notice of reassessment to the taxpayer, where applicable. If new returns filed show a base amount of $75,000 at line 10, the CRA will also auto-correct these claims to ensure the return is correctly assessed. This change will result in a positive adjustment for individuals who have claimed this supplement.
Download the latest TaxCycle release to resolve this issue.