Is it stressful tracking down your T-slips? Missing just one of them can be the difference between an easy tax filing season and a penalty and interest. Do you find that you have to double and triple check your entries for accuracy? How about dealing with the calculation of carry-forward amounts?
If there was only a really easy way to ensure that when filing your personal tax return that each and every slip that was on file with the Canada Revenue Agency (CRA) was included in your tax filing. That would help a lot! So would having the expertise around carry-forward amounts to ensure that was correct too.
Well, thankfully, TurboTax has you covered with the Auto-Fill My Return feature.
How It Works
When you work for someone and receive a T4, slip or if you receive trust income or interest from a bank, you will be issued T5 slips and T3 slips from that institution.
As part of the requirement to issue you that slip, a copy of that same slip is sent to the CRA, which means they already have the majority of your income earned before you file your return. These copies are assigned to your Social Insurance Number and are housed in your CRA My Account along with your previous tax returns, carry-forward amounts, and other tax-related data. That means when you file your income tax return, the CRA has the ability and responsibility to compare what you filed on your return with what is already on your account. If there are differences, they want to know why.
Auto-fill my return lets you download the information already in your CRA My Account directly into your tax return.
All TurboTax software packages automatically transfers your data to the proper spots within your tax return. With just a few clicks, your tax return is filled with the most accurate and up-to-date information available, right from the CRA.
Accuracy is of critical importance when preparing your tax return because the smallest typo, such as a misplaced decimal, or omission, like missing a T-slip, can have significant negative consequences.
- Auto-fill my return transfers your information directly from your CRA My Account, minimizing the chance of typing errors, incorrect entries and missing slips. Using this feature means you can rest easy knowing your information is accurate, down to the last cent.
- Auto-fill my return saves you time, both before and during the process of filing your taxes. For most Canadians, the process of filing your tax return begins long before you sit down to prepare it. There are t-slips to gather, carry-forward amounts to calculate, and RRSP contribution receipts to find.
This feature is a game-changer! If you have ever missed a t-slip, and had to deal with that side of the CRA, then you likely wish that you knew about this feature earlier.
When it comes to the security of your data, TurboTax makes this their number one priority, year-after-year. That is why millions of Canadians trust TurboTax to protect their personal information. Using 128-bit encryption on all of their sites- in case you have no idea what that means, it is the same encryption that banks use for online banking, then you understand that TurboTax is doing everything in their power to ensure that your data, both imported and manually entered, is always safe and secure.
Haven’t set up your CRA My Account yet? Let’s get started. You will need My Account in order to use Auto-fill my return.
Learn more about registering for a CRA My Account.
Learn more about Auto-fill my return.