New tax tool makes filing easier for clients

If your clients file their own taxes using certified NETFILE software products, they can benefit from CRA’s new auto-fill tool. This tool automatically fills in portions of people’s income tax and benefit returns, says CRA, making the filing process simpler.

Read: Don’t let clients forget these tax credits

For the 2015 tax year, the tool will fill in information related to:

T4, T3 and T5 slips;
registered retirement savings plans contribution limits;
Home Buyers’ Plan repayment amounts;
Lifelong Learning Plan repayment amounts;
non-capital losses, capital gains and losses, and capital gains deductions; and
federal and provincial tuition, education, and textbook carryover amounts.

But, warns CRA, people should still review all applicable fields on their returns to make sure all information has been included and that it’s accurate. If a mistake is made by the auto-fill tool, CRA as well as employers and administrators should be contacted.

For more on taxes and filing, read:

Remind U.S. clients about tax changes

CRA makes it easier to file for trusts

Surefire ways to save tax (a package you can share with clients)

Tax changes in Ontario’s budget

How will Canadians spend their RRSP tax refunds?

Too few contributing to RRSPs: poll