Platform statements and bank deposits often differ because deposits are net of fees, refunds, and adjustments. Reconcile the difference before filing instead of reporting the amount that happened to reach your bank account.
Start with the platform statement
Canada’s digital platform reporting rules have applied since the 2024 calendar year. Covered operators report information about platform sellers to the CRA and provide a copy of that information to the seller. Read the CRA digital-platform reporting guidance.
Download every annual platform statement and transaction export. Do not rely only on deposits or a dashboard total.
Common causes of a difference
Platform fees. A platform may credit gross revenue, deduct its commission, and deposit only the balance. Business reporting will often show the gross revenue and eligible fee as separate amounts.
Refunds and chargebacks. Check whether the platform reduced the original transaction, deducted an adjustment from a later payout, or reported the items separately.
Tips, bonuses, and incentives. These may appear in a different section of the statement. Cash tips may not appear at all but can still be taxable income.
Multiple platforms and direct sales. A statement covers only that platform. Your return may also need income from other platforms, invoices, cash, and e-transfers.
Timing and foreign currency. A transaction and its payout can fall in different periods. Foreign-currency amounts also need a consistent, supportable Canadian-dollar conversion.
Build a reconciliation
For each platform, record:
- Gross revenue shown on the annual statement (the CRA platform report shows consideration net of the platform’s fees, with the fees listed separately, so add them back)
- Refunds and chargebacks
- Platform fees and commissions
- Sales taxes collected or withheld
- Net amount paid to you
- Difference between expected payouts and bank deposits
- Amount included in your business records
Keep the platform statement, transaction export, invoices, and bank evidence with the reconciliation. The total on one platform statement does not necessarily equal a single line on Form T2125, especially when the statement includes taxes, refunds, or more than one activity.
If you already filed
Wait until you receive your notice of assessment before requesting a change. Depending on how you filed and the year involved, you may be able to use ReFILE through certified software, Change my return in CRA My Account, or Form T1-ADJ.
Do not promise yourself that a voluntary correction automatically removes penalties. Interest and penalty relief depend on the facts and the CRA program used. Review the CRA instructions or obtain professional advice before choosing a correction method.
Accountly can help you record income and expenses and export reports. It does not connect directly to platforms or bank accounts, so compare the records you enter with the original statements before filing.
Frequently asked questions
Why is my platform statement higher than my deposits?
The platform may have deducted commissions, service fees, refunds, or other adjustments before paying you. Reconcile gross amounts and deductions rather than reporting only net deposits.
Does the CRA receive platform information if I do not get a T4A?
It can. Digital-platform reporting is separate from T4A reporting. Your obligation to report taxable income also exists whether or not you receive a slip or platform statement.
Does every difference mean my return is wrong?
No. Timing, fees, refunds, sales taxes, and foreign currency can create legitimate differences. The important step is documenting why the figures differ and reporting each item correctly.
Can I change a return in CRA My Account?
After assessment, eligible individuals can use Change my return for supported changes. ReFILE through certified software and Form T1-ADJ are other options. Availability and processing times can change, so check the current CRA instructions.
Does correcting a return guarantee that penalties are cancelled?
No. The result depends on the type of error, timing, prior history, and whether a relief program applies. Correct the return promptly and get advice when the amount is material.
The information in this guide is for general informational purposes only and is not intended as accounting, tax, business, or legal advice. Accountly does not provide professional services or act as your accountant, tax advisor, or lawyer. No client relationship is created by your use of this material. Always seek advice from qualified professionals who understand your particular circumstances before acting on any information contained herein.