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Hi there,
I very much enjoyed your blog and Q&A posts - thank you for giving back to the community!
My accountant retired and as I'm doing the T2 corporation return myself, I noticed that last year there should have been some payable amounts included (operating expenses and income taxes payable). Am I allowed to include them this year under GIFI line 3720 (as prior period adjustments to retained earnings)?
Many thanks in advance!
No, you should not do that. It could trigger a tax audit. The right procedure is to amend the prior year's corporate tax return with the correct information.