Canada Auto-fill Tax Return

Just some positive news for the day. I was filing my taxes and it looks like the CRA (Canadian Revenue Agency) is making strides towards auto-filling people's tax returns.

Pretty much all the slips (T4, T5s...) get populated automatically in the tax filing software (Ufile in my case). I found a couple small issues. It looks like this feature breaks up T3s into smaller slips. So there was some confusion in reconciling my TD Waterhouse T3 slips with the CRA's version. I verified the summation of the ones submitted to the CRA matched the cumulative TD slips.

In previous years, the most frustrating part was doing the tax filings for stock trading capital gains. But even here, the auto-fill system picked up all my stock sales. Although it missed the book-value. Here's hoping they get that up and running for next year.

At least for the average person, it looks like we're well underway to autofilling the entire tax return.
Some steps will probably be more complex. Donations, fancy tax planning...


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