Technological advances pay off for taxpayers
If you are employed, the filing deadline for filing your 2015 taxes is on April 30 at midnight. Those who have overpaid taxes will get a refund and will not be changed a penalty for filing late; however, if you owe taxes, filing late can costs you. So be sure to file on time.
The CRA is arguably one of the most technologically advanced government agencies in Canada. This means that they are progressively improving their methods of catching tax dodgers by focusing on anomalies and matching their records with the information they receive from taxpayers. But technology is not always ominous; it sometimes works in the taxpayers’ advantage.
In early 2016 the CRA announced that it will make certain tax-related information available online for taxpayers and their accountants, not just for 2015 but for the past 10 years. This information includes Notices of Assessment, income slips such as T4s, T5s, T3s, T4Es, and other tax-related information such as RRSP contributions and room and Home-Buyers-Plan.
Furthermore, it improved the function of an exciting service which was previously called Tax Data Delivery and renamed it Autofill My Return. Accountants can use Autofill My Return to automatically download their clients’ income slips to their software. This means that, we as tax preparers can practically eliminate the risk of human-made errors and do our job more efficiently and effectively. It also means that if you misplace your T4 or T5, you don’t have to wait for weeks to obtain a duplicate copy.
So what does this mean for taxpayers?
- For the first time ever having your taxes prepared by a professional accountant could cost the same or even less than buying an off-the-shelf software.
- No more reassessments for missed or partially-prepared slips.
- You will receive a secure electronic copy of your tax return so you never have to look for it when you need it
- A Chartered Professional Accountant will represent you if the CRA inquires about your account
Call (416) 836-4731 or email email@example.com to book an appointment today.