Stewart Holdings Ltd. is a Canadian controlled private corporation (CCPC) that has a fiscal period of November 1 to October 31. Stewart Holdings Ltd. has taxable income of $275,000 in the current year and has a policy of always claiming the small business deduction on its tax return each year. Mr. Steve Stewart is the sole shareholder of Stewart Holdings Ltd. Steve has not been too involved in the preparation of the corporate income tax returns in the past neither is aware of the rules under the Income Tax Act, so he has several questions for you about the administrative requirements for income tax purposes for his corporation, Stewart Holdings Ltd.

After filing the corporations tax return, Mr. Stewart realizes that he forgot to inform his accountant of a portion of the interest income earned by the corporation, therefore this income was not reported on Stewart Holdings Ltd.s tax return. Explain to Mr. Stewart what he should do to adjust the previously filed tax return.