Tax Tips: CRA Will Auto-Fill Your Return This Year

Technology has made the obvious possible: In most cases, the CRA already knows what your income is, because they have a copy of your information slips from employers and financial institutions. Now, starting in 2016, for the 2015 tax filing year, CRA is introducing the “Auto-fill my return” function.

If you are a NETFILER this year, you may be able to transmit information received by CRA from employers, trustees and financial institutions without lifting a finger to enter data. Of course, you may have to wait for the information to become available, and you must register under the My Account portal to qualify.

Your big opportunity in filing your annual tax return is still the same, however. It’s to make sure CRA knows about the legitimate deductions and credits you may be eligible for. That means, keep your focus on digging for those tax deductions and credits.

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Additional Educational Resources include Family Tax Essentials by Evelyn Jacks and T1 Professional Tax Preparation – Basic course.

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