It’s that time of the year again. People are worried. They have to file their corporate and personal taxes; otherwise, there could be penalties to pay. You can be hit with penalties and interest if you miss a tax slip or misplace an RRSP contribution receipt. This is a good time to learn about Auto-Fill My Return (AFR) and how you can use it to track all your T-slips, check them to make sure they are accurate, and find out what your carry-forward amount is.Wouldn’t it be nice if, with only a few clicks, you could ensure that every T-slip you received was appropriately accounted for and transferred into your personal tax return? Does this mean that all carry-forwards will, in fact, be carried forward? Yes, you can rest assured that they will beYou can do this by using Auto-Fill My Return (AFR)!What can you do with AFR?Read on to find out.

All Your Slips at Your Fingertips

A copy of every T-slip issued to you by an employer, government agency, or financial institution - whether it is for employment income, investment income, pensions, or social assistance - is sent to the CRA. The CRA then stores the data in your My Account, along with previous tax returns, carry-forward amounts, and other tax-related data you have previously provided. Using AFR, you will have the opportunity to access all of your tax slips for the current tax year by the first week of March. Among these are:

  • T-slips: T3, T4, T4A, T4A(OAS), T4A(P), T4E, T4RIF, T4RSP, T5, T5007, T5008
  • Benefit slips like RC210 (WITB Advance Payments Statement)
  • RRSP contribution receipts
  • Credits that have not been used for tuition, education, or textbooks and past losses

The only thing you need to do to use the AFR feature is register with CRA My Account (if you haven’t done so already).It is important to note that Quebec residents must file federal and provincial tax returns. Just like the CRA, Reneau Québec provides a service called clicSÉQUR that receives and stores all of your provincial slips.

Eliminate Human Error

No matter how much you try, there is always the possibility that you miss something or misquote something and then get into trouble for it. Many people reach out to personal tax experts for this reason. But you have to remember that the CRA gets a copy of all tax slips you receive. They are responsible for checking all the slips and comparing what they have in their account to what you have filed on your return. They will want to know why there are differences. The CRA may ask to take a closer look at a slip if the typo, misplaced decimal, or maybe even a missing piece of paper is present. To minimize the chance of human error, AFR directly transfers the information from your CRA account to the proper places on your return. This way, you have the peace of mind knowing the information you provide is accurate, down to the last nickel.

Secure Your Personal Information

Your tax slips are extremely important, not just for this year but even later. With AFR, you can rest assured that all your data is secure and in the hands of the CRA. AFR simplifies tax preparation, filing, and management for Canadians. Once you use it, you’ll never want to go back.

Conclusion

Whether it’s a personal tax or corporate tax, filing tax returns is a headache for many people. They don’t have the right information to take care of it all. They also might not have the time. In these situations, it is best if you contact a professional accounting firm that can take all the hassle out of filing your taxes and leave you calm and stress-free.