By giving your accountant access to this service you could avoid penalties for items such as missed income slips not reported or they may even find unused RRSP contributions. Check out what John Paul and Fabio have to say about this service as it may be a benefit to you this tax season.
Video Transcript from “Have Your Heard About CRA’s Auto-fill My Return Service”
John Paul: Hi there, and welcome to Campanella McDonald’s Tax Tip video, where today we’re going to talk about a function that we use when preparing tax returns.
Fabio: So it’s auto fill. It’s a relatively new service with the CRA and it’s in conjunction with certain tax software providers. Essentially, what happens is you give your accountant authorization to access your information online with the CRA and we can download certain types of information such as T4 slips, T4A slips, RSP carry forward amounts…
John Paul: A whole bunch of information. This is actually a great thing for accountants and for individuals, because it helps to eliminate missed income slips and actually finding unused RSP contributions, where we’re seeing some clients getting huge refunds based on this information being missed in the past.
Fabio: Yes. So when you do go out and get your tax return done, just confirm with your accountant that they are using this particular feature, because we feel that it’s great. We found some stuff for the clients last year and we’re hoping to find some more this year.
John Paul: So until next time, we’ll see you then.
Find out more about your CRA tax return from Oakville based accountants CMLLP (Campanella McDonald). We specialize in small business tax preparation, small business taxes, real estate investing, accounting for business, tax returns, assurance, business valuations,SRED and more! Contact us today!